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Marcus Hotels & Resorts Announces Sale of Skirvin Hilton
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Rhea-AI Summary
Marcus Hotels & Resorts, a division of The Marcus Corporation (NYSE: MCS), announces the sale of the Skirvin Hilton in Oklahoma City for $36.75 million. This sale concludes a successful public-private partnership aimed at revitalizing the historic hotel, which reopened in February 2007. The new owners will maintain the Hilton brand and management. Michael Evans, president of Marcus Hotels, emphasized the importance of this transaction for maximizing shareholder value and focusing on growth.
Positive
Sale of Skirvin Hilton for $36.75 million enhances liquidity.
Completion of a successful public-private partnership revitalizing the hotel.
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MILWAUKEE & OKLAHOMA CITY--(BUSINESS WIRE)--
Marcus®Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), together with its co-owners, Skirvin Partners in Development (SPID), today announced the sale of the Skirvin Hilton in Oklahoma City to Skirvin Hotel LLC for $36.75 million. Additional terms of the transaction were not disclosed.
The Skirvin Hotel was first opened in 1911 as Oklahoma City was transforming into a major economic center. After closing in 1988, a public-private partnership between the City of Oklahoma City, Marcus Hotels & Resorts and SPID was formed to bring the Skirvin back to its historic traditions of elegancy and luxury. Following an extensive renovation, the Skirvin reopened in February 2007 and today is recognized as Oklahoma City’s premier hotel, boasting 255 recently renovated rooms, upscale amenities, and 18,500 square feet of meeting and event space.
“It has been a privilege and honor for our company to be part of the revitalization of the Skirvin and the broader resurgence of Oklahoma City over the past 16 years,” said Michael Evans, president of Marcus Hotels & Resorts. “Together with our partners at the City of Oklahoma City, we achieved our vision for the Skirvin and are pleased its new local owners share our admiration for the property, its people and the community it serves. The decision to sell the Skirvin is consistent with our overall corporate strategy of constantly evaluating each of our owned hotels to ensure we are maximizing shareholder value while also focusing on growth through capital redeployment and new management contracts.”
The Skirvin Hilton will retain the Hilton brand, with Hilton serving as the property manager. The sale marks the conclusion of the public-private partnership that drove the hotel’s reemergence.
“In 2003, a public-private partnership was formed to create a restoration plan and financing package to redevelop the then vacant Skirvin Hotel,” said Kenton Tsoodle, president of the Alliance for Economic Development of Oklahoma City. “By all measures, this partnership has been a success – for the city, for members of the partnership, and most importantly, the citizens and guests of Oklahoma City. The Skirvin is an important cultural centerpiece of our city, and we look forward to seeing it flourish in this next phase of its history.”
JLL Hotels and Hospitality Group advised Marcus Hotels & Resorts and its partner, SPID. Together they form Skirvin Partners, LLC, the former Skirvin Hotel ownership group.
About Marcus Hotels & Resorts
Marcus Hotels & Resorts owns and/or manages 16 hotels, resorts and other properties in the U.S. The company’s distinctive portfolio includes city-center meeting hotels, upscale resorts, historic properties, and premium branded and independent first-class hotels. Marcus Hotels & Resorts is an approved operator for all major lodging brands. A leader in the hospitality industry since 1962, Marcus Hotels & Resorts creates asset value for hotel owners through its expertise in management, development and product repositioning. This includes premier food and beverage brands such as Mason Street Grill, ChopHouse, Miller Time®Pub & Grill, and SafeHouse® Restaurants. For more information, please visit: http://media.marcushotels.com and follow the company on Facebook and Twitter (@MarcusHotels).
About The Marcus Corporation
Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. In addition to its lodging division, its theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 1,064 screens at 85 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. For more information, please visit the company’s website at www.marcuscorp.com.
Forward-Looking Statements
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. 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. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at https://investors.marcuscorp.com in the Investor Relations section of our Website.
