the 255 Unit Condo Hotel Receives Marcus's Proprietary Operating
Systems, Spa, Food and Beverage Expertise
Milwaukee, Wis., November 7, 2006 -- Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced that it has expanded its condo-hotel management portfolio with the opening of the luxury Platinum Hotel & Spa in Las Vegas. Located at the intersection of Koval and Flamingo Streets, the property is one block east of the Las Vegas Strip near the Bellagio, Bally’s and Caesars Palace casinos, and is the city’s second condo-hotel. The property was co-developed by Marcus and Diversified Real Estate Concepts, Inc., a major condominium hotel developer, and has sold all of its units.
“There currently are 74 condo hotels under construction nationwide, 45 expected to go under construction in the next 12 months and 39 in early planning, according to Lodging Econometrics,” said Bill Otto, president of Marcus Hotel and Resorts. “This is a growing but highly specialized segment with few experienced operators. Condo-hotel management requires special expertise and systems, as well as experience in working with homeowners associations. We have been involved in condo-hotel management for more than five years and see additional growth opportunities in this unique niche, both as a third-party, independent operator and/or as a co-developer. Once the condo units are sold, owners want the confidence of having a proven management company that fully understands the unique needs of a condo-hotel.”
This Las Vegas suite hotel offers 255 condo units, consisting of 245
one-bedroom and 10 two-bedroom units. Rooms feature 42-inch wall-mounted
plasma HDTVs, fireplaces, Bose radios and whirlpool baths. The property
has 7,000 square feet of flexible meeting space, a 24-hour business center,
high-speed Internet access, a complimentary health and fitness facility
and an indoor and outdoor swimming pool.
The Restaurant at Platinum, led by Executive Chef Brenton Hammer, offers American cuisine with classic dishes presented in new and unusual ways for breakfast, lunch, and dinner. STIR, a café/lounge on the lobby level, is designed around the concept of “Caffeine, Conversation, and Cocktails.” Casual but still elegant, the café offers a European continental breakfast, pastries, espresso, and cappuccinos in the mornings, and in the evenings, with a change in lighting, atmosphere, and sound, the room is transformed into a sophisticated lounge with signature appetizers and classic cocktails, including a $250 martini.
“Our food and beverage and spa operations are designed to enhance both owners’ and guests’ experiences, while providing strong returns on investment,” Otto noted. “Our food and beverage team, which has created a number of award-winning restaurants, has raised the bar with the extraordinary outlets at the Platinum.”
About Marcus Hotels and Resorts
About The Marcus Corporation
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.
Christine Da Silva
|Also See:||Larry Flam Joins Marcus Hotels & Resorts as Director of Restaurant Operations / September 2006|
|Marcus Hotels Acquires the 186 room Westin Columbus Hotel; Continues to Seek Expansion Through Equity Investments / May 2006|