MCM unloads nonunion Manhattan hotel portfolio for $490M

A Rhode Island-based hotel investor unloaded a portfolio of four Manhattan hotels for $489.8 million. A fund managed by MCM, formerly Magna Capital Management, sold the portfolio of nonunion hotels to a group of large institutional investors. A different MCM fund will maintain partial ownership, according to CoStar, which first reported the deal. A spokesperson for MCM, which shares an address with Magna Hospitality Group but is a separate company, declined to comment.  The portfolio includes the Hilton Garden Inn New York Times Square North, the Motto by Hilton New York City Chelsea, the leasehold for the DoubleTree by Hilton […] This article originally appeared on The Real Deal. Click here to read the full story.