Continues to Seek Expansion Through Equity Investments
|MILWAUKEE, Wis., May 2, 2006—Marcus Hotels and Resorts, a division
of The Marcus Corporation (NYSE: MCS), today announced that it has completed
the purchase of the 186-room Westin Columbus (Ohio) hotel. Terms
of the transaction were not disclosed. The property, which also will
be operated by Marcus, was acquired from an affiliate of BPG Properties,
LTD, the operating affiliate of Philadelphia-based Berwind Property Group,
LTD., a privately held real estate investment management firm.
The historic hotel will undergo a substantial renovation to bring the property to peak operating condition. Upgrades include renovating all guest rooms and creating a new dining experience in harmony with the property’s historic setting.
The AAA four-diamond Westin Columbus is located in the heart of downtown Columbus and is connected to the Southern Theatre, a historically restored, 933-seat performing arts theater. “This is the fourth historic hotel in our portfolio,” said Bill Otto, president of Marcus Hotels and Resorts. “We have significant expertise in this unique segment of the hotel industry, ranging from careful restoration to understanding the complexities of historic tax credits.
“The Westin Columbus is the third addition to our portfolio in the past 12 months, with two more hotels slated to open in the months ahead,” he noted. “These recent additions further geographically diversify our 15-hotel portfolio. The two other hotels added during the past 12 months include the recently opened 226-room Four Points by Sheraton Hotel Chicago Downtown Magnificent Mile and the recently acquired 220-room Wyndham Milwaukee Center. In addition, The Platinum Hotel & Spa, a 255-suite condo-hotel, is scheduled to open shortly in Las Vegas, and our fifth historic hotel, the 224-room Skirvin Hotel Oklahoma City, is currently being rehabilitated and is scheduled to re-open in the first quarter of calendar 2007.”
Otto noted the company continues to seek expansion opportunities. “Our primary growth focus moving forward will be to co-invest with institutional investors to acquire or develop hotels,” he said. “We also seek to expand our third-party management activity. We have an active pipeline and are aggressively pursuing a number of opportunities.”
About Marcus Hotels and Resorts
Marcus Hotels and Resorts owns or manages a distinctive portfolio of 15 hotels and resorts with approximately 4,000 rooms, including two properties currently under development. The hotels include a cross section of premium-branded hotels under such brands as Preferred Hotels, Starwood, Hilton and Intercontinental. In addition, the company operates some of the nation’s leading independent hotels and resorts. Marcus Hotels & Resorts has particular expertise in development, the acquisition and repositioning of hotels, historic hotels, large urban properties, indoor waterparks, resorts and condo-hotels.
About the Marcus Corporation
Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader in the lodging and entertainment industries. The Marcus Corporation’s movie theatre division, Marcus Theatres, owns or manages 504 screens at 45 locations in Wisconsin, Illinois, Minnesota and Ohio, and one family entertainment center in Wisconsin. The company’s lodging division, Marcus Hotels and Resorts, owns or manages 15 hotels and resorts, including two under construction, in nine states, as well as one vacation club. For more information, visit the company’s Web site at www.marcuscorp.com.
Marcus Hotels and Resorts
|Also See:||Bill Otto, President of Marcus Hotels, Says the $50.4 million Renovation of the Skirvin in Oklahoma City Will Be Well Worth the Effort / October 2005|
|Marcus Hotels & Resorts Names Keith Halfmann Director of Project Management and Food and Beverage / February 2004|