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 Destination Hotels & Resorts to Acquire the Miramonte Resort in Indian Wells, California from Marcus Hotels


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.

Miramonte Resort & Spa
45-000 Indian Wells Lane
Indian Wells, California

"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
Marcus Hotels and Resorts owns or manages a distinctive portfolio of 11 hotels and resorts that are leaders in their markets. Six properties are company-owned and operated: the Grand Geneva Resort & Spa, Lake Geneva, Wis.; Hilton Madison at Monona Terrace, Madison, Wis.; Hilton Milwaukee City Center, Milwaukee, Wis..; Hotel Phillips, Kansas City, Mo.; Miramonte Resort, Indian Wells, Calif.; and the Pfister Hotel, Milwaukee, Wis. Managed properties are Beverly Garland's Holiday Inn, North Hollywood, Calif.; Crowne Plaza-Northstar, Minneapolis, Minn.; Hilton Garden Inn-Northwest, Houston, Tex.; Hotel Mead, Wisconsin Rapids, Wis.; and Timber Ridge Lodge and Water Park, Lake Geneva, Wis. The company also owns and operates the Marcus Vacation Club at Grand Geneva, Lake Geneva, Wis.

About The Marcus Corporation
Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader in the lodging and entertainment industries. 

About Destination Hotels & Resorts
Destination Hotels & Resorts (DH&R) is a privately held lodging management company. With 29 independent, luxury and upscale hotels, resorts and golf clubs, DH&R is the fourth largest independent hospitality management company in the country. The company's portfolio includes more than 7,500 guest rooms, 17 golf courses and eight full-service spas. DH&R is a wholly- owned subsidiary of Los Angeles-based Lowe Enterprises, Inc., a leading national real estate investment, development and management firm.

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

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