MCR Development Renovates Two More Baltimore Area Hotels
- Oct 09, 2014
MCR Development LLC, one of the largest hotel owner-operators in the country, recently finished extensive renovations of two more Baltimore area hotels. The upgrades to the two properties are part of the company’s strategy to drive RevPAR growth through its ongoing renovation program.
The two hotels are both located in Hanover. They are the 130-room Hampton Inn & Suites Arundel Mills/Baltimore, at 7027 Arundel Mills Circle, and the 131-room Residence Inn Arundel Mills/BWI Airport, at 7035 Arundel Mills Circle. MCR did not disclose the cost of the projects. Both hotels now feature upgraded lobbies, guestrooms and public spaces.
This year, MCR Development has applied the same strategy to two other Baltimore area hotels. In August, the New York-based company announced it completed the renovation of the 131-room Residence Inn Baltimore White Marsh. And just a few weeks later, in September, it also finished work on the 126-room Hampton Inn Baltimore Downtown Convention Center.
Marcus & Millichap said in its midyear hospitality report for the Mid-Atlantic region that the hotel market is recovering from last year’s government shutdown. Hotels in the area have registered stronger results in 2014. And they will continue to do the same in the remaining months.
Baltimore was one of the region’s star performers. Because it was less less dependent on federal spending than other locations, the city flourished. Much of the turnaround in hotel performance in the state of Maryland comes on the back of the growing Baltimore economy. Occupancy has also recovered and in Maryland it jumped 2.6 percent to 56.3 percent. The state also posted a 4.8 percent rise in revenue per available room.
Charts courtesy of Marcus & Millichap.