|MILWAUKEE - Nov. 26, 2004 - Marcus Hotels and Resorts, a division of
The Marcus Corporation (NYSE:MCS), today announced that it has signed a
definitive agreement to sell its Miramonte Resort in Indian Wells, Calif.,
to Destination Hotels & Resorts, an independent hotel management company
based in Englewood, Colo. Terms of the cash transaction, which is expected
to close by the end of the year, were not disclosed.
The Miramonte Resort is a boutique luxury resort located on 11 acres in the Palm Springs area. The Tuscan-themed resort includes 216 guest rooms, a restaurant, lounge, meeting space, fitness center, swimming pools, outdoor meeting facilities and a golf concierge. In May 2004, Marcus Hotels and Resorts further enhanced the property with the opening of THE WELL(TM), a luxury resort spa.
"The decision to sell the Miramonte is consistent with our overall corporate
strategy of constantly evaluating all of our operating businesses to ensure
that we are maximizing shareholder value," said Stephen H. Marcus, chairman
and chief executive officer of The Marcus Corporation.
"Our strategy to grow Marcus Hotels and Resorts continues to emphasize equity investments and management contracts that enable us to diversify our capital over a broader base. The sale of the Miramonte is consistent with this strategy. With numerous development opportunities in the pipeline, we are focused on rapidly increasing the total number of rooms we have under management. We expect the growth pace to accelerate as we continue to build our development team and as more transactions and deal flow occur in the marketplace," said Bill Otto, president and chief operating officer of Marcus Hotels and Resorts.
About Marcus Hotels and Resorts
About The Marcus Corporation
About Destination Hotels & Resorts
Certain matters discussed in this Press Release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995.
|Also See:||Marcus Sell of Baymont Consistent with Commitment to Maximize Shareholder Value; Impact on Corporate Office Staff to be Determined, First Budgetel Inn Opened in 1974 in Oshkosh, Wisconsin / July 2004|
|Bruce Sherman's Investment Company Now Owns 35% of Marcus Corporation / May 2002|