MILWAUKEE - January 24, 2008 - Marcus Hotels and Resorts, a division
of The Marcus Corporation (NYSE: MCS), today announced the opening of the
256-room Hilton Minneapolis/Bloomington in Bloomington, Minnesota, an upscale
western suburb of the Twin Cities, on January 26, 2008. The Hilton Minneapolis/Bloomington
is the 20th property in the company’s portfolio and its twelfth management
contract, bringing Marcus Hotels’ total hotel room count to approximately
Marcus Hotels and Resorts provided preopening and technical services
for the hotel while under development and will continue to manage the property.
The hotel is owned by Corporate Property Associates 16 – Global Incorporated,
an affiliate of W. P. Carey & Co. LLC (NYSE: WPC).
W. P. Carey Acquires Upscale Hilton Hotel in Bloomington, Minnesota
Hotel Expected to Open January 2008
YORK – February 8, 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.
Minneapolis-based Mortenson Development, Inc. is the developer, M.A.
Mortenson Company is the design builder and Walsh Bishop Associates, Inc.
is the project architect. Marcus Hotels and Resorts, a division of
The Marcus Corporation, has been selected as operator of the property.
The full-service hotel will feature the ChopHouse restaurant, offering
steaks, seafood and an extensive wine list. Additional hotel amenities
will include several thousand square feet of meeting space, a business
center, an indoor swimming pool and a fitness center. Guestrooms will feature
the Hilton Serenity Collection® of upscale in-room amenities, which
includes the Hilton Serenity Bed with Serta Suite Dreams mattress, Pacific
Coast® down duvet, Super Topper mattress pads, and high-quality linens
and pillows; in-room coffee system, featuring world-renowned Lavazza®
coffee from Italy and a Cuisinart® dual-cup, single-brew coffeemaker;
and exclusive Crabtree & Evelyn La Source® bath products.
Jason Fox, Director at W. P. Carey, said, “With its prime location,
high quality amenities and the appeal of the Hilton brand, we believe this
property will quickly become one of the leading hotels in Bloomington.
This transaction also represents our ability to pursue unique real estate
opportunities that are outside of our traditional net lease business.”
Matt Wehling, Senior Director - Franchise Development of Hilton, added,
“The location and design of the hotel will position it favorably with respect
to competitive properties in the area. Working with W. P. Carey and
the members of the project team, we were able to put together a program
and design that should prove successful from both an operational and financial
Tom Lander, General Manager and Vice President at Mortenson Development
Inc., noted, “Because W. P. Carey’s approach includes looking at and fully
analyzing the underlying business of their investments as well as the real
estate itself, they are able to play an integral role on to-be-built projects
with developers like ourselves. We see them both as a partner and
invaluable source of financing through the construction and development
in addition to becoming the ultimate owners of the property.”
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real
estate investment firm. The Company provides asset management services
to its CPA® series of income generating real estate funds. With approximately
$5 billion in equity capital, the W. P. Carey Group is one of the largest
providers of net lease financing for corporations worldwide. The Group
owns approximately 800 commercial and industrial properties in 13 countries,
representing approximately 97 million square feet, valued at approximately
$8.5 billion. www.wpcarey.com
The Hilton Minneapolis/Bloomington serves the needs of business travelers
as well as families looking for a relaxing weekend getaway. The property
offers four-star amenities including a Presidential Suite plus three additional
suites. All guestrooms and suites are furnished with the new Hilton Serenity
Bed and ergonomically designed furniture.
Other hotel amenities include the signature Bloomington ChopHouse restaurant
specializing in mouthwatering steaks, seafood and an extensive wine list,
the Olive Café & Bar featuring delicious American fare in a
relaxing setting, an indoor swimming pool, fitness center, business center
and 9,200 square feet of flexible meeting space accommodating business
and social groups from 10 to 500 guests.
The new hotel offers the latest technology and luxurious amenities.
All of the guestrooms are equipped with 32” flat-panel high-definition
LCD televisions, both wired and wireless Internet access, a spacious desk
with two phones, voice mail, dataport and a free in-room laptop safe.
“Guests will experience comfort, convenience and pampering at the new
Hilton Minneapolis/Bloomington. The hotel offers free transportation to
the world-famous Mall of America and other surrounding restaurants and
entertainment options. The new Hilton is a great addition to this dynamic,
lively and growing area for business and vacation travelers alike,” said
Jim Waldvogel, general manager of the Hilton Minneapolis/Bloomington.
“We are excited to add the new Hilton Minneapolis/Bloomington to our
growing hotels and resorts portfolio. The special amenities, stimulating
dining options, beautifully appointed guestrooms and suites and attentive
service will make this new property an exceptional experience for our guests,”
said Bill Otto, president of Marcus Hotels and Resorts.
The Hilton Minneapolis/Bloomington is conveniently located at the intersection
of Interstate 494 and France Avenue, just a short drive to the famous Mall
of America where guests can experience world-class shopping, dining and
entertainment. For reservations please call 1-800-Hiltons or visit www.minneapolisbloomington.hilton.com.
About Marcus Hotels and Resorts
With the addition of the Hilton Minneapolis/Bloomington, Marcus Hotels
and Resorts owns or manages 20 hotels, resorts and other properties in
ten states, with two additional properties under development. The company
owns eight hotels, is a third-party manager for 12 hotels, resorts and
other properties and is providing technical services for the development
of the Venturella Resort and Spa in Orlando, Fla. and the Carmel City Center
Hotel in Carmel, Ind.
About The Marcus Corporation
Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader
in the lodging and entertainment industries. In addition to its Marcus
Hotels and Resorts division, the company’s movie theatre division, Marcus
Theatres®, owns or manages 595 screens at 49 locations in Wisconsin,
Illinois, Minnesota, Ohio, North Dakota and Iowa, and one family entertainment
center in Wisconsin.
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.