US hotelier MCR has raised $300m (€256.9m) for its hospitality fund and remains on track to acquire 25 hotels by the end of 2018.

The manager said the $300m raised by MCR Hospitality Fund at close provides the fund with around $1bn in purchasing capacity.

MCR Hospitality Fund targets investments in Marriott and Hilton select service and extended stay hotels throughout the US.

The manager said since August 2017, the fund has acquired 11 hotels representing $160m in transaction volume with an additional five hotels in the pipeline expected to close by the end of August.

Tyler Morse, the CEO and managing partner of MCR, said: “This important milestone reflects the success our operations team has had in creating value through better management.

“By investing strategically and being disciplined in our approach to capital allocation, we have continued to produce strong investor returns. We expect to build upon this success by using the proceeds we raised to acquire additional properties at favourable terms and applying our operating and management platform to unlock significant yield potential.”