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Major Renovation and Repositioning Planned |
| MILWAUKEE - May 26, 2005-- Marcus Hotels & Resorts, a division
of The Marcus Corporation (NYSE:MCS), today announced it intends to purchase
the Wyndham Milwaukee Center hotel from MIP Milwaukee, LLC. Upon completion
of the sale, Marcus Hotels & Resorts will own and manage the property.
Terms of the transaction were not disclosed but is expected to close on
Friday, May 27.
Otto said the company plans a major renovation and repositioning of the property. "We believe this property has the potential to be the centerpiece for Milwaukee's growing performing arts and business communities. With its high visibility and city center location surrounded by numerous restaurants and lounges, the hotel will become an enhanced asset to the continuing development of downtown Milwaukee. As a Milwaukee-based company, we are especially pleased to expand our presence in our home city," said Otto. Located in the Milwaukee Center complex at North Water Street and East Kilbourn Avenue, the Wyndham Milwaukee Center has 220 rooms and 12,000 square feet of flexible banquet and meeting space. In addition to its restaurant and lounges, other amenities include high-speed Internet access and on-site parking. The Wyndham Milwaukee Center will be the seventh company-owned property for Marcus Hotels & Resorts, which currently owns or manages a distinctive portfolio of 11 hotels and resorts that are leaders in their markets. The company owns and operates the Four Points by Sheraton Chicago Downtown/Magnificent Mile; 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.; 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. Other new properties are currently under development in Las Vegas and Oklahoma City. 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
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"The
Wyndham Milwaukee Center will be an excellent addition to our distinctive
portfolio of hotel properties. Its location in the heart of Milwaukee's
financial and theatre district complements our other two downtown Milwaukee
properties, the Pfister Hotel and the Hilton Milwaukee City Center and
expands the options we can offer business travelers and planners of small
group meetings and events," said Bill Otto, president and chief operating
officer of Marcus Hotels & Resorts.