News for the Hospitality Executive
August 18, 2011 - MILWAUKEE--The Marcus Corporation (NYSE: MCS) today announced that Bill Reynolds has joined the company as senior managing director of MHR Capital. MHR Capital is a newly formed hotel investment business formed by The Marcus Corporation to act as an investment fund sponsor, joint venture partner or sole investor for hotel and resort properties.
Reynolds’ career spans more than 25 years in commercial real estate investment, with a specialization in the hotel industry. In his new position, Reynolds will evaluate investment strategies and opportunities to maximize capital growth and management assignments for the company. Prior to joining MHR Capital, Reynolds served as managing director and chief investment officer of Thayer Lodging Group, which invests on a value-add basis in upscale, full-service hotels. Prior to his work at Thayer, Reynolds advised Hospitality Capital Partners/USAA Real Estate Company, served as chief investment officer of MeriStar Hospitality Corporation REIT, served as senior vice president for Interstate Hotels and CapStar Hotel Company, and was a principal in Metro Hotels, which was purchased by CapStar in 1997.
“We are excited to have Bill lead our hotel investment company, MHR Capital. Bill’s comprehensive experience in hotel asset management services, development, project finance and hotel acquisitions and dispositions, as well as his extensive network, will be an asset to us as we work to expand our presence in the lodging industry,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation.
Reynolds is a member of the ULI Hotel Development Council, the New York Hospitality Council, the Lodging Industry Investment Council and the steering committee for Americas Lodging Investment Summit (ALIS). He has also served on the steering committees for the Hunter Investment Conference and Meet the Money, and is a past trustee of the American Resort Development Association.
“MHR Capital represents an opportunity to utilize Marcus’ breadth and depth of operating expertise in a variety of hospitality investments, both branded and independent. I am delighted to be part of this versatile and proven company,” stated Reynolds.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant real estate assets. The Marcus Corporation’s movie theatre division, Marcus Theatres®, currently owns or manages 684 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The company’s lodging division, Marcus Hotels & Resorts, owns or manages 18 hotels, resorts and other properties in nine states. 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 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 which may 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, reduced operating profits during major property renovations, 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
Douglas A. Neis
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