Russ Shattan, senior vice president for acquisitions and development at MCR Development LLC, joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.
MCR’s development experience includes ground-up development of Marriott and Hilton select service hotel properties. The company also does partial renovations, property expansions, adaptive re-use and historic restoration.
Currently, one of MCR’s most unique projects is the TWA Flight Center Hotel at JFK International Airport in New York. The TWA Flight Center is being built in the airplane terminal that TWA used from 1962 to 2001. The terminal was designated as a New York City landmark in 1994. MCR is converting the asset, which has sat empty for 16 years, into a 500-room hotel.
Shattan said the project is proceeding “very well.”
Shattan also noted that MCR’s portfolio of 90 Hilton- and Marriott-branded hotels, located in secondary markets, are performing well. Customers continue to return to these assets thanks to the strength of the brands, he observed.