News for the Hospitality Executive
Marcus Hotels and Resorts Selected to Manage the Venturella
and Spa in Orlando, Florida (Formerly the Riu Hotel)
Milwaukee, Wis., October 16, 2007…..Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced it has been selected to manage the four-star Venturella Resort and Spa in Orlando, Fla. The company will also provide technical and pre-opening services for the project.
The property, which opened in 1988 as the Riu Hotel, is currently undergoing a $22 million renovation and will reopen in mid-2008.
“Marcus Hotels and Resorts is the perfect partner to manage the renovated Venturella Resort and Spa,” said George Venturella, an owner of the hotel. “Marcus Hotels has vast experience in hotel and resort management. The company’s success is the direct result of its business formula. That formula involves offering uncompromising guest service, containing costs and growing revenue.”
When it reopens, the newly renovated Venturella Resort and Spa will feature a Mediterranean/Tuscan theme. Situated on slightly more than six acres near the entrance to Walt Disney World®, the 155-room hotel will have two restaurants, a lounge and a spa, as well as more than 7,000 square feet of meeting space. The property will also feature new landscaping, including a lake with a beach.
“We are very pleased to be selected to serve as the management team for the Venturella Resort and Spa,” said Bill Otto, president of Marcus Hotels and Resorts. “This four-star property will truly be a gem in the Orlando destination market. We look forward to exceeding the expectations of Venturella guests in every area of their stay as well as growing revenue for the hotel.”
Otto said the Venturella agreement is another step forward in the company’s strategy to grow primarily through management contracts. In addition to the Venturella property, Marcus Hotels has added seven properties to its portfolio in the past 12 months, increasing the total rooms under management to more than 5,000.
“With new properties in major U.S. markets and relationships with several premier hotel ownership companies, we are continuing to build momentum as a leading hotel management company,” said Otto.
About Marcus Hotels and Resorts
Marcus Hotels and Resorts owns or manages a distinctive portfolio of 20 hotels, resorts and other properties in 10 states, with three additional properties under development. The company owns eight hotels, is a third-party manager for 12 hotels, resorts and other properties and is providing technical services for the development of a Hilton hotel in Bloomington, Minn., the Carmel City Center Hotel in Carmel, Ind. and the Venturella Resort and Spa in Orlando, Fla.
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 594 screens at 49 locations in Wisconsin, Illinois, Minnesota, Ohio, North Dakota and Iowa, and one family entertainment center in Wisconsin. For more information, visit the company’s Web site at www.marcuscorp.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. These forward-looking statements may generally be identified as such because the context of such statements will include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States’ responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
The Marcus Corporation
|Also See:||Marcus Hotels and Resorts and Waterton Commercial LLC Joint Venture to Acquire and Renovate the 237 room Sheraton Hotel in Madison, Wisconsin / February 2007|