|Marcus Hotels and Resorts Opens Skirvin Hilton in Oklahoma City|
Company Oversaw $55 Million Restoration of Historic Hotel
MILWAUKEE & OKLAHOMA CITY--(BUSINESS WIRE)--Feb. 26, 2007--Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced the opening of the 225-room Skirvin Hilton in Oklahoma City, Oklahoma. Marcus Hotels and Resorts oversaw the complete restoration of the historic landmark property and will operate the hotel. As of March 1, 2007, the Skirvin Hilton will be the 20th property owned or operated by the company, bringing Marcus' total hotel room count to approximately 5,100. The Skirvin Hilton represents one of the seven properties added to the company's portfolio within the past twelve months, with an eighth property currently under development.
The property, which is the oldest existing hotel in the state, has been shuttered since 1988. It has undergone a more than $55 million renovation to modernize the hotel, while carefully retaining its historic details. The hotel is owned by Skirvin Partners, LLC, a partnership between Marcus Hotels and Resorts, the majority equity owner, and Skirvin Partners in Development.
"We have a passion for historic hotels. The Skirvin Hilton is our fourth historic hotel restoration, building on our 40-year history of repositioning landmark hotels into pre-eminent hospitality venues. Our existing management infrastructure is well suited to negotiate the complexities of historically significant buildings and the various tax credit agencies involved," said Bill Otto, president of Marcus Hotels and Resorts.
"The Skirvin, which originally opened in 1911, has played a very significant role in Oklahoma's history. We are committed to carrying on this tradition, creating new memories and delivering exceptional service to our guests."
The success of the rehabilitation project recently prompted Oklahoma's State Historic Preservation Office to award its 2007 Citation of Merit to the development team.
The Skirvin Hilton is a grand hotel in the tradition of other historic hotels. "This grand dame property is of tremendous cultural and historical significance. We believe the restored Skirvin Hilton will be a tremendous addition to our portfolio and a welcome site for residents and guests of Oklahoma City when they see the hotel returned to its former glory," Otto noted.
Located at One Park Avenue, the 14-story, smoke-free hotel is comprised of three separate towers with 225 guest rooms, including 20 one-bedroom suites and one Presidential Suite. Hotel amenities include the signature Park Avenue Grill restaurant, which retains the Art Deco look of the hotel's former interior design, the Red Piano lounge, a fitness center, indoor swimming pool, business center, 18,500 square feet of meeting and pre-function space and a Hiltons HHonors lounge.
Rooms are equipped with the latest technology, including flat-panel, high-definition televisions, and wired and wireless high-speed Internet access. Each room will be furnished with the new Hilton Serenity Bed, the 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.
"This was a complex public-private project from both a restoration and financing aspect, involving new-market tax credits and federal and state historic tax credits," Otto noted. "Oklahoma City officials were very supportive throughout the entire process."
"Marcus Hotels and Resorts did a marvelous job restoring one of our oldest 'citizens,' the Skirvin Hilton," said James Couch, city manager. "We believe the hotel will play a key role in reinvigorating growth in the downtown area."
"They were a great development team," said Catherine Montgomery, State Historic Preservation Office architect and coordinator of the historic tax credit program. "They really did understand the larger goals of a preservation project. Communication was easy, and that's really important for a successful project."
The grand opening of the Skirvin Hilton has been declared an official Oklahoma Centennial event. Oklahomans celebrate the state's 100th year of statehood throughout 2007.
The architect for the project was Kahler Slater Architects, a leading design firm for historic hotel restorations, with a long-term relationship with Marcus Hotels and Resorts. Interior design was created by Duncan & Miller Design and Flintco Construction was the general contractor.
About Marcus Hotels and Resorts
Marcus Hotels and Resorts owns or manages a distinctive portfolio of 20 hotels, resorts and other properties (including one hotel under contract for purchase on March 1), with one additional hotel under development. Including the Skirvin Hilton, Marcus Hotels and Resorts owns and operates nine hotels and resorts. The company is also a third-party manager for 11 hotels, resorts and other properties. The hotel under development is a Hilton in Bloomington, Minn., for which the company is currently providing technical services.
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(R), owns or manages 498 screens at 41 locations in Wisconsin, Illinois, Minnesota and Ohio, and one family entertainment center in Wisconsin. Marcus Theatres also has one new theatre under construction in Brookfield, Wis. For more information, visit the company's Web site at www.marcuscorp.com.
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. These forward-looking statements may generally be identified as such because the context of such statements will include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses and pre-opening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States' responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
CONTACT: The Marcus Corporation