Milwaukee , Wis. , May 27, 2005 -- Marcus Hotels & Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced it intends to purchase the Wyndham Milwaukee Center hotel from MIP Milwaukee, LLC. Upon completion of the sale, Marcus Hotels & Resorts will own and manage the property. Terms of the transaction were not disclosed but is expected to close on Friday, May 27.
“The Wyndham Milwaukee Center will be an excellent addition to our distinctive portfolio of hotel properties. Its location in the heart of Milwaukee ’s financial and theatre district complements our other two downtown Milwaukee properties, the Pfister Hotel and the Hilton Milwaukee City Center and expands the options we can offer business travelers and planners of small group meetings and events,” said Bill Otto, president and chief operating officer of Marcus Hotels & Resorts.
Otto said the company plans a major renovation and repositioning of the property. “We believe this property has the potential to be the centerpiece for Milwaukee ’s growing performing arts and business communities. With its high visibility and city center location surrounded by numerous restaurants and lounges, the hotel will become an enhanced asset to the continuing development of downtown Milwaukee . As a Milwaukee-based company, we are especially pleased to expand our presence in our home city,” said Otto.
Located in the Milwaukee Center complex at North Water Street and East Kilbourn Avenue , the Wyndham Milwaukee Center has 220 rooms and 12,000 square feet of flexible banquet and meeting space. In addition to its restaurant and lounges, other amenities include high-speed Internet access and on-site parking.
The Wyndham Milwaukee Center will be the seventh company-owned property for Marcus Hotels & Resorts, which currently owns or manages a distinctive portfolio of 11 hotels and resorts that are leaders in their markets. The company owns and operates the Four Points by Sheraton Chicago Downtown/Magnificent Mile; the Grand Geneva Resort & Spa, Lake Geneva , Wis. ; Hilton Madison at Monona Terrace, Madison , Wis. ; Hilton Milwaukee City Center , Milwaukee , Wis. ; Hotel Phillips , Kansas City, Mo. ; and the Pfister Hotel, Milwaukee , Wis. Managed properties are Beverly Garland’s Holiday Inn, North Hollywood, Calif.; Crowne Plaza-Northstar, Minneapolis, Minn.; Hilton Garden Inn-Northwest, Houston, Tex.; Hotel Mead, Wisconsin Rapids, Wis.; and Timber Ridge Lodge and Water Park, Lake Geneva, Wis. The company also owns and operates the Marcus Vacation Club at Grand Geneva, Lake Geneva , Wis. Other new properties are currently under development in Las Vegas and Oklahoma City .
In addition to its lodging division, The Marcus Corporation’s movie theatre division, Marcus Theatres ®, owns or manages 504 screens at 45 locations in Wisconsin , Illinois , Minnesota and Ohio , and one family entertainment center in Wisconsin . For more information, visit the Marcus Hotels & Resorts Web site at www.marcushotels.com or The Marcus Corporation’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 which could cause results to differ materially from those expected, including, but not limited to, the following: (i) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division; (ii) the effects of increasing depreciation expenses and preopening and start-up costs due to the capital intensive nature of our businesses; (iii) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (iv) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (v) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (vi) the effects of competitive conditions in the markets served by us; (vii) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (viii) 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.
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