Company Will Also Provide Technical and Pre-Opening Services
MILWAUKEE--(BUSINESS WIRE)--Sept. 12, 2007--Marcus Hotels and
Resorts, a division of The Marcus Corporation (NYSE: MCS), today
announced that it has been selected by Pedcor City Center Development
Company to manage a luxury boutique hotel that is part of Carmel City
Center, a master-planned, multi-use development located in Carmel,
Indiana. In addition, the company will provide technical development
and pre-opening services. This independent hotel will be the
centerpiece of the one million square foot, multi-million dollar
project that is expected to quickly become a landmark destination in
this upscale city just north of Indianapolis. The hotel will feature
120-140 rooms, several food and beverage outlets, a banquet hall,
meeting space and a luxury spa.
"Marcus Hotels and Resorts has extensive experience in developing
and positioning luxury, urban and suburban hotels and operates some of
the most well respected properties throughout the Midwest and the
country," said Bruce Cordingley, Pedcor's CEO. "We believe their
expertise, coupled with the potential economies of scale and synergies
with their other hotels in the region, make them the ideal choice for
this exciting, new project."
Carmel City Center is a public/private partnership between the
City of Carmel and Pedcor City Center Development Company with
direction and oversight from the Carmel Redevelopment Commission. A
destination like no other in central Indiana, the project will offer
the appeal of a neighborhood and the vibrancy of a downtown. The hotel
will be complemented by 230,000 square feet of specialty retail,
170,000 square feet of premiere downtown office space, 300 luxury
residential units, a world class, 1,600 seat performance hall, a 500
seat performing arts theater, spectacular green spaces and the ever
popular Monon Trail.
Marcus Hotels and Resorts will provide technical development
expertise and input for the design and concepting of the hotel, as
well as pre-opening services. "A hotel is arguably the most complex of
all real estate classes in terms of design and operations," said Bill
Otto, president of Marcus Hotels and Resorts. "Our goal is to provide
input into the important design elements that will make the hotel both
unique and highly functional.
"We believe Carmel Center will become one of the most popular
urban destinations in the Midwest," Otto added. "We want to create a
luxury lodging experience that will appeal to the most sophisticated
traveler, yet maintain the city's friendly, welcoming Midwest roots.
We want to provide an environment that will become a magnet for social
events and have broad appeal to both business and leisure travelers."
Planning for the hotel is expected to get underway shortly, with
opening scheduled in 2010.
About Marcus Hotels and Resorts
Marcus Hotels and Resorts owns or manages a distinctive portfolio
of 20 hotels, resorts and other properties, with two additional hotels
under development. The company owns eight hotels and resorts, is a
third-party manager for 12 hotels, resorts and other properties and is
providing technical services for the development of a Hilton hotel in
Bloomington, Minn. and an independent luxury 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(R), owns or manages 594 screens at 49
locations in Wisconsin, Illinois, Minnesota, Ohio, North Dakota and
Iowa, and one family entertainment center in Wisconsin. 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 preopening 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; (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; and (9) the successful integration of the
Cinema Entertainment Corporation theatres into our theatre circuit.
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
Investors:
Douglas A. Neis, (414) 905-1100
or
Marcus Hotels and Resorts
Media:
William J. Otto, (414) 905-1200
SOURCE: The Marcus Corporation