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Hilton Hotel in Bloomington, Minnesota |
| MILWAUKEE & MINNEAPOLIS - February 12, 2007 - Marcus Hotels and
Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced
that it has been selected to manage an under-construction Hilton Hotel
in Bloomington, Minn., an upscale suburb of Minneapolis. Corporate Property
Associates 16 � Global, an affiliate of W.P. Carey & Co., LLC, is funding
construction and will own the 256-room hotel which is expected to open
in January 2008. In addition to managing the property, Marcus will provide
pre-opening and technical services under a long-term contract. Minneapolis-based
M.A. Mortenson Company and Walsh Bishop Associates, Inc. are the general
contractor and architect, respectively. Denver-headquartered Design Force
Corporation is the interior designer.
�We have extensive operating expertise throughout the country, especially
the upper Midwest, and will use all of our resources to position this hotel
as the finest property in Bloomington and a leading hotel in greater Minneapolis,�
said Bill Otto, president of Marcus Hotels and Resorts. �The hotel has
great visibility in a very upscale location surrounded by high-end retail
and boutique shopping, with more than 8 million square feet of office space
within several miles. The property is convenient to the airport, Mall of
America and downtown Minneapolis.�
Located at the southwest quadrant of Interstate 494 and France Ave., the hotel will feature the upscale ChopHouse, a highly regarded proprietary restaurant concept developed by Marcus Hotels and Resorts. The restaurant specializes in steaks, seafood, attentive service and an extensive wine list. Introduced in Milwaukee, the ChopHouse has been ranked as that city�s top downtown steak house for several years. The Bloomington ChopHouse will be the concept�s fifth restaurant, all of which are located in upscale hotels. �We believe that pairing the Marcus management team with the Hilton brand name and worldwide reservation system will position the property strongly in the market,� said Jason Fox, W.P. Carey director. �Being able to locate a quality hotel in the upscale suburb of Bloomington, which has high barriers to new development, also is a plus.� The 11-story brick and glass building will offer 9,100 square feet of meeting space, capable of accommodating groups of up to 500 people. �With its prime location and quality of facilities, we believe this hotel will quickly become the preferred choice for mid-size meetings, as well as social functions,� Otto noted. Other amenities include an indoor swimming pool, club level and fitness center. The hotel will offer wireless high-speed Internet access throughout the hotel and a 24/7 business center. Each of the 256 spacious guestrooms, four of which are suites, will be furnished with the new Hilton Serenity Bed, which features the Serta Suite Dreams® mattress and box springs, Pacific Coast® down duvet, Super Topper mattress pads, and high-quality linens and pillows. All rooms will provide the Hilton Serenity Bath Collection, featuring the exclusive Crabtree & Evelyn line of La Source® bath amenities, and the easy-to-set Hilton Family alarm clock with MP3 player connectivity. About The Marcus Corporation
About W. P. Carey & Co. LLC
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. |
| Contact:
The Marcus Corporation
|
February
08, 2007 - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced
today that it will provide approximately $49 million in funding for the
construction and development of a 255-room Hilton hotel in Bloomington,
Minnesota. The funding will be made on behalf of W. P. Carey�s affiliated
income generating real estate fund, Corporate Property Associates 16 -
Global Incorporated (CPA®:16 - Global) which will own the hotel upon
completion. The property is under construction and is anticipated
to be completed in January 2008.