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 Marcus Selected to Manage an Under-construction $49 million
Hilton Hotel in Bloomington, Minnesota
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MILWAUKEE & MINNEAPOLIS - February 12, 2007 - Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced that it has been selected to manage an under-construction Hilton Hotel in Bloomington, Minn., an upscale suburb of Minneapolis. Corporate Property Associates 16 – Global, an affiliate of W.P. Carey & Co., LLC, is funding construction and will own the 256-room hotel which is expected to open in January 2008. In addition to managing the property, Marcus will provide pre-opening and technical services under a long-term contract. Minneapolis-based M.A. Mortenson Company and Walsh Bishop Associates, Inc. are the general contractor and architect, respectively. Denver-headquartered Design Force Corporation is the interior designer. 

“We have extensive operating expertise throughout the country, especially the upper Midwest, and will use all of our resources to position this hotel as the finest property in Bloomington and a leading hotel in greater Minneapolis,” said Bill Otto, president of Marcus Hotels and Resorts. “The hotel has great visibility in a very upscale location surrounded by high-end retail and boutique shopping, with more than 8 million square feet of office space within several miles. The property is convenient to the airport, Mall of America and downtown Minneapolis.” 
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W. P. Carey Acquires Upscale Hilton Hotel in Bloomington, Minnesota Hotel Currently Under Construction and Expected to Open January 2008

February 08, 2007 - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it will provide approximately $49 million in funding for the construction and development of a 255-room Hilton hotel in Bloomington, Minnesota.  The funding will be made on behalf of W. P. Carey’s affiliated income generating real estate fund, Corporate Property Associates 16 - Global Incorporated (CPA®:16 - Global) which will own the hotel upon completion.   The property is under construction and is anticipated to be completed in January 2008.

Minneapolis-based Mortenson Development, Inc. is the developer, M.A. Mortenson Company is the design builder and Walsh Bishop Associates, Inc. is the project architect.  Marcus Hotels and Resorts, a division of The Marcus Corporation, has been selected as operator of the property.    

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Located at the southwest quadrant of Interstate 494 and France Ave., the hotel will feature the upscale ChopHouse, a highly regarded proprietary restaurant concept developed by Marcus Hotels and Resorts. The restaurant specializes in steaks, seafood, attentive service and an extensive wine list. Introduced in Milwaukee, the ChopHouse has been ranked as that city’s top downtown steak house for several years. The Bloomington ChopHouse will be the concept’s fifth restaurant, all of which are located in upscale hotels. 

“We believe that pairing the Marcus management team with the Hilton brand name and worldwide reservation system will position the property strongly in the market,” said Jason Fox, W.P. Carey director. “Being able to locate a quality hotel in the upscale suburb of Bloomington, which has high barriers to new development, also is a plus.” 

The 11-story brick and glass building will offer 9,100 square feet of meeting space, capable of accommodating groups of up to 500 people. “With its prime location and quality of facilities, we believe this hotel will quickly become the preferred choice for mid-size meetings, as well as social functions,” Otto noted. 

Other amenities include an indoor swimming pool, club level and fitness center. The hotel will offer wireless high-speed Internet access throughout the hotel and a 24/7 business center. 

Each of the 256 spacious guestrooms, four of which are suites, will be furnished with the new Hilton Serenity Bed, which features the Serta Suite Dreams® mattress and box springs, Pacific Coast® down duvet, Super Topper mattress pads, and high-quality linens and pillows. All rooms will provide the Hilton Serenity Bath Collection, featuring the exclusive Crabtree & Evelyn line of La Source® bath amenities, and the easy-to-set Hilton Family alarm clock with MP3 player connectivity. 

About The Marcus Corporation 
Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader in the lodging and entertainment industries. In addition to its Marcus Hotels and Resorts division, the company’s movie theatre division, Marcus Theatres®, owns or manages 498 screens at 41 locations in Wisconsin, Illinois, Minnesota and Ohio, and one family entertainment center in Wisconsin. Marcus Theatres also has one new theatre under construction in Brookfield, Wis. For more information, visit the company’s Web site at www.marcuscorp.com. 

About W. P. Carey & Co. LLC 
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The company provides asset management services to its CPA® series of income generating real estate funds. With more than $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing approximately 94 million square feet, valued at approximately $8 billion. www.wpcarey.com

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. 

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Contact:

The Marcus Corporation
Douglas A. Neis, (414) 905-1100

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Also See: A $40 million Kimpton Hotel Proposed as Part of Expansion at Mall of America in Bloomington, Minnesota / November 2006
A $2.5 million Renovation Transforms the Former Bloomington (MN) Park Inn Suites into Le Bourget Aero Suites / February 2006
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