M
CR Hotels has made a significant move into the Chicago-area market with its acquisition of the Hyatt Regency O'Hare for approximately $40,000 per key. The New York-based company paid around $44 million to secure the 1,095-room hotel at 9300 West Bryn Mawr Avenue in Rosemont. This deal marks a strategic shift for MCR towards larger, full-service hotels, expanding beyond its typical portfolio of select-service properties.

    Located near O'Hare International Airport and connected to the Donald E. Stephens Convention Center, the 11-story hotel boasts 110,000 square feet of meeting space, making it one of the largest in the region outside downtown Chicago. The acquisition comes at a challenging time for Chicagoland hotel owners, who are facing rising property tax valuations that have more than doubled for many major hotels in the downtown area.

    Hyatt's decision to sell the property aligns with its strategy to reduce direct ownership and focus on management and franchising. MCR will take over management responsibilities while Hyatt retains its brand through a franchise agreement. With this acquisition, MCR now manages over 25,000 guest rooms across 37 states.