MILWAUKEE--(BUSINESS WIRE)--May 2, 2006--Marcus Hotels and
Resorts, a division of The Marcus Corporation (NYSE:MCS), today
announced that it has completed the purchase of the 186-room Westin
Columbus (Ohio) hotel. Terms of the transaction were not disclosed.
The property, which also will be operated by Marcus, was acquired from
an affiliate of BPG Properties, LTD, the operating affiliate of
Philadelphia-based Berwind Property Group, LTD., a privately held real
estate investment management firm.
The historic hotel will undergo a substantial renovation to bring
the property to peak operating condition. Upgrades include renovating
all guest rooms and creating a new dining experience in harmony with
the property's historic setting.
The AAA four-diamond Westin Columbus is located in the heart of
downtown Columbus and is connected to the Southern Theatre, a
historically restored, 933-seat performing arts theater. "This is the
fourth historic hotel in our portfolio," said Bill Otto, president of
Marcus Hotels and Resorts. "We have significant expertise in this
unique segment of the hotel industry, ranging from careful restoration
to understanding the complexities of historic tax credits.
"The Westin Columbus is the third addition to our portfolio in the
past 12 months, with two more hotels slated to open in the months
ahead," he noted. "These recent additions further geographically
diversify our 15-hotel portfolio. The two other hotels added during
the past 12 months include the recently opened 226-room Four Points by
Sheraton Hotel Chicago Downtown Magnificent Mile and the recently
acquired 220-room Wyndham Milwaukee Center. In addition, The Platinum
Hotel & Spa, a 255-suite condo-hotel, is scheduled to open shortly in
Las Vegas, and our fifth historic hotel, the 224-room Skirvin Hotel
Oklahoma City, is currently being rehabilitated and is scheduled to
re-open in the first quarter of calendar 2007."
Otto noted the company continues to seek expansion opportunities.
"Our primary growth focus moving forward will be to co-invest with
institutional investors to acquire or develop hotels," he said. "We
also seek to expand our third-party management activity. We have an
active pipeline and are aggressively pursuing a number of
opportunities."
About Marcus Hotels and Resorts
Marcus Hotels and Resorts owns or manages a distinctive portfolio
of 15 hotels and resorts with approximately 4,000 rooms, including two
properties currently under development. The hotels include a cross
section of premium-branded hotels under such brands as Preferred
Hotels, Starwood, Hilton and Intercontinental. In addition, the
company operates some of the nation's leading independent hotels and
resorts. Marcus Hotels & Resorts has particular expertise in
development, the acquisition and repositioning of hotels, historic
hotels, large urban properties, indoor waterparks, resorts and
condo-hotels.
About The Marcus Corporation
Headquartered in Milwaukee, Wis., The Marcus Corporation is a
leader in the lodging and entertainment industries. The Marcus
Corporation's movie theatre division, Marcus Theatres(R), owns or
manages 504 screens at 45 locations in Wisconsin, Illinois, Minnesota
and Ohio, and one family entertainment center in Wisconsin. The
company's lodging division, Marcus Hotels and Resorts, owns or manages
13 hotels and resorts in Wisconsin, California, Minnesota, Missouri,
Texas and Illinois and one vacation club 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 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 which 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 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; 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
Jerry Daly (media), 703-435-6293
Chris Daly (media), 703-435-6293
or
Douglas A. Neis (investors), 414-905-1100
SOURCE: The Marcus Corporation