The
Marcus Corporation (NYSE: MCS) today announced it has completed the
previously announced sale of the Hotel Phillips in Kansas City, Mo. to
an affiliate of Chicago-based Arbor Lodging Partners. Terms of the
transaction were not disclosed.
The sale is consistent with the company’s overall corporate strategy of
constantly evaluating all of its owned hotels to ensure it is maximizing
shareholder value, while also focusing on growth through new management
contracts. The Marcus Corporation successfully owned and managed the
217-room Hotel Phillips for the past 14 years.
Jameson and Company of Downers Grove, Ill., in cooperation with
HotelBrokerOne, assisted The Marcus Corporation in the transaction.
About The Marcus Corporation
Celebrating its 80th anniversary in 2015, The
Marcus Corporation is a leader in the lodging and entertainment
industries, with significant company-owned real estate assets. The
Marcus Corporation’s theatre division, Marcus
Theatres®, currently owns or manages 675 screens at 54
locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North
Dakota and Ohio. Following the sale of the Hotel Phillips, the company’s
lodging division, Marcus®
Hotels & Resorts, owns and/or manages 19 hotels, resorts and
other properties in 10 states. The company is headquartered in
Milwaukee, Wis. For more information, please visit the company’s website
at www.marcuscorp.com.
About Arbor Lodging Partners
Arbor Lodging Partners is a Chicago-based national owner and operator of
hotels. The company was founded in 2005 with the goal of uniting the
best practices of enterprising hotel operators and sophisticated
institutional investors to effectively underwrite and execute
investments in the lodging space. Arbor Lodging Partners makes
investments in hotels, acquires loans secured by hotels, and, through
its affiliate NVN Hotels, manages operations for its own hotels and
those owned by third-parties. To learn more about Arbor Lodging Partners
visit http://www.arborlodging.com.
To learn more about NVN Hotels, visit http://www.nvnhotels.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 may 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 adverse
economic conditions in our markets, particularly with respect to our
hotels and resorts division; (3) the effects on our occupancy and room
rates of the relative industry supply of available rooms at comparable
lodging facilities in our markets; (4) the effects of competitive
conditions in our markets; (5) our ability to achieve expected benefits
and performance from our strategic initiatives and acquisitions; (6) the
effects of increasing depreciation expenses, reduced operating profits
during major property renovations, impairment losses, and preopening and
start-up costs due to the capital intensive nature of our businesses;
(7) the effects of adverse weather conditions, particularly during the
winter in the Midwest and in our other markets; (8) our ability to
identify properties to acquire, develop and/or manage and the continuing
availability of funds for such development; and (9) the adverse impact
on business and consumer spending on travel, leisure and entertainment
resulting from terrorist attacks in the United States or other incidents
of violence in public venues such as hotels and movie theatres.
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.
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