| MILWAUKEE - July 28, 1998-Marcus
Hotels and Resorts, a division of The Marcus Corporation (NYSE:MCS),
announced that it has entered into an agreement to develop and manage a
luxury hotel property in Chicago, in the city's Magnificent Mile area.
The hotel, with approximately 250 rooms, will occupy a portion of an existing
building and a new three-story tower at 630 North Rush Street. Facilities
will include a restaurant, lobby lounge, fitness center, rooftop garden
and a ballroom which is part of over 15,000 square feet of meeting space.
According to Lee Berthelsen, president and chief operating officer for
Marcus Hotels and Resorts, "This hotel will be a unique, contemporary property
with a five-star level of quality service and the ambience of a modern
European boutique hotel."
Construction is scheduled to commence in early 1999 with a planned opening
date of June 2000.
This new development is the eighth addition to the Marcus Hotels and
Resorts portfolio since 1993. In July 1993, Marcus Hotels acquired Grand
Geneva Resort Spa (Lake Geneva, Wis.); in September 1993, Marcus
assumed management of the Crowne Plaza-Northstar Hotel (Minneapolis, Minn.);
in February 1994, Marcus assumed the management of the Mead Inn (Wisconsin
Rapids, Wis.); in May 1996, Marcus took over management of Beverly Garland's
Holiday Inn (North Hollywood, Calif.); in August 1996, Marcus acquired
the Miramonte Resort
(Indian Wells, Calif.); in December 1997, Marcus entered into a management
agreement with Mission Point Resort on Mackinac Island, Mich.; and in July
1998, Marcus was chosen as the developer for Madison's Monona Terrace Convention
Center headquarter hotel project. Marcus Hotels and Resorts also owns and
operates the Milwaukee Hilton and The Pfister Hotel (both in downtown Milwaukee).
Marcus Hotels and Resorts is a division of The Marcus Corporation, which
also operates and franchises 154 Budgetel Inns and four Budgetel Inn
Suites (106 company-owned and 52 franchised) in 30 states and five Woodfield
Suites in Wisconsin, Ohio and Colorado; 374 movie screens in Wisconsin,
Illinois, Ohio and Minnesota and one family entertainment center in Wisconsin;
and 31 KFC restaurants in Wisconsin. |