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Marcus® Hotels & Resorts Forms Joint Venture with Searchlight Capital Partners to Grow Portfolio of Co-Owned Hotels
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
The Marcus Corporation announced a joint venture with Searchlight Capital Partners to acquire the Kimpton Hotel Monaco Pittsburgh, managed by Marcus Hotels & Resorts, effective December 16, 2021. This acquisition marks a strategic expansion into the Pennsylvania market, enhancing their portfolio of lifestyle hotels and resorts. The Kimpton Hotel Monaco features 248 rooms and over 11,300 sq. ft. of event space, appealing to business and leisure travelers. The terms of the deal were not disclosed.
Positive
Strategic acquisition enhances Marcus Hotels' portfolio.
Expansion into the Pennsylvania market increases market presence.
The hotel features attractive amenities, including event space and dining options.
Negative
None.
JV acquires Kimpton Hotel Monaco Pittsburgh, with Marcus Hotels & Resorts serving as manager
MILWAUKEE--(BUSINESS WIRE)--
Marcus®Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), today announced that it has formed a joint venture with funds managed by Searchlight Capital Partners, a leading global private investment firm, to co-invest in lifestyle hotels, resorts and high-quality full-service properties. Through this joint venture, Marcus Hotels & Resorts and Searchlight Capital Partners announced the acquisition of the Kimpton Hotel Monaco Pittsburgh, which Marcus Hotels & Resorts will manage, effective December 16, 2021. The hotel will remain within the Kimpton brand.
Kimpton Hotel Monaco Pittsburgh (Photo: Business Wire)
“We are excited to begin our partnership with Searchlight Capital Partners with the acquisition of the Kimpton Hotel Monaco Pittsburgh,” said Michael Evans, president of Marcus Hotels & Resorts. “As we seek more opportunities to co-invest in and manage leading properties across the nation, our partnership with Searchlight Capital Partners will allow us to strategically expand our co-owned portfolio of market leading resorts and hotels.”
The terms of the joint venture were not disclosed.
Kimpton Hotel Monaco Pittsburgh
Located in the nearly 120-year-old historic James H. Reed building that was redeveloped in 2015, Kimpton Hotel Monaco Pittsburgh is a 248-room, nine-story hotel situated in the center of downtown Pittsburgh across from Mellon Square Park and nearby the Cultural District’s many art galleries, restaurants, and retail shops. It is also close to concert and major sports venues like Heinz Field, PPG Paints Arena and PNC Park as well as numerous universities, including the prestigious Carnegie Mellon University and the University of Pittsburgh.
Popular with business and leisure travelers alike, the award-winning hotel features spacious guestrooms with contemporary design and local touches to connect visitors to Pittsburgh. Kimpton Hotel Monaco Pittsburgh has over 11,300 square feet of state-of-the-art meeting and event space with two beautiful ballrooms as well as rooftop and outdoor spaces overlooking the city. Guests can also enjoy two vibrant on-property dining options that are each popular destinations for the local community. The Commoner, the hotel’s full-service restaurant, features American tavern classics paired with a robust selection of local beers and craft spirits. The hotel’s seasonal rooftop Biergarten includes a menu focused on European beer and German-influenced bar bites. Other hotel amenities include the Kimpton pet-friendly policy, evening social hour, morning coffee and tea, and bike rentals.
“Marcus Hotels & Resorts is excited to grow its footprint into Pittsburgh and the state of Pennsylvania, and to add a Kimpton property to our growing portfolio of premium branded and independent lifestyle hotels,” added Evans. “Kimpton Hotel Monaco Pittsburgh is a perfect fit with our overall growth strategy, and we are looking forward to welcoming the hotel associates to our Marcus family and working with the Kimpton brand to delight our guests and deliver continued operational excellence for this market leading hotel.”
For more information or to book a reservation at Kimpton Hotel Monaco Pittsburgh, please visit: www.monaco-pittsburgh.com.
For more information or the latest news and updates from Marcus Hotels & Resorts, please visit: www.marcushotels.com.
About Marcus Hotels & Resorts
With the addition of Kimpton Hotel Monaco Pittsburgh, Marcus Hotels & Resorts owns and/or manages 19 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.
About Searchlight Capital Partners
Searchlight is a global private investment firm with over $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
About Kimpton Hotels & Restaurants
San Francisco-based Kimpton Hotels & Restaurants is the original boutique hotel company, which pioneered the concept of unique, distinctive, design-forward hotels in the United States in 1981. Anchored in one-of-a-kind experiences, Kimpton now operates more than 60 hotels and 80 restaurants, bars and lounges across urban locations, resort destinations and up-and-coming markets in the United States, Canada, Europe, Caribbean and Greater China. Kimpton spaces and experiences center on its guests, offering inspiring design that evokes curiosity to forward-thinking flavors that feed the soul. Every detail is thoughtfully curated and artfully delivered, so that guest experiences remain meaningful, unscripted and ridiculously personal.
In January 2015, Kimpton became part of the InterContinental Hotels Group (IHG) family of hotel brands. For more information, visit www.KimptonHotels.com.
