Marcus Hotels and Resorts, Hempel Real Estate and Robinson Park Investments Form Joint Venture to Acquire Loews Minneapolis Hotel
14 Febrero 2024 - 6:45AM
Business Wire
Marcus® Hotels & Resorts, a nationally recognized owner and
management company and division of The Marcus Corporation (NYSE:
MCS), announced today that it along with Hempel Real Estate and
Robinson Park Investments have reached an agreement to jointly
acquire the Loews Minneapolis Hotel. The terms of the agreement
were not disclosed and are subject to the satisfaction of certain
standard closing conditions. Upon closing, Marcus Hotels &
Resorts will assume management of the hotel, which will be
rebranded under another major global hotel system.
“The agreement to purchase the Loews Minneapolis Hotel is
consistent with our strategy to co-invest with like-minded partners
and manage leading properties across the nation,” said Michael
Evans, president of Marcus Hotels & Resorts. “This is an
exciting opportunity to create value by investing in an attractive
asset with a focused management strategy, while adding another
premier destination to our portfolio of branded and independent
lifestyle hotels.”
Located in the heart of downtown Minneapolis, this full-service
luxury hotel features 251 rooms and more than 12,500 square feet of
flexible meeting space. Attractive to business and leisure
travelers alike, the hotel also features a full-service restaurant
and lobby bar and is within walking distance of many premier
entertainment and sports destinations. It is connected by skywalk
to the Target Center, home to the NBA Minnesota Timberwolves and
WNBA Minnesota Lynx, and is one city block from Target Field, home
to the MLB Minnesota Twins.
This will be the third property managed by Marcus Hotels &
Resorts in Minneapolis since 1993. The company also manages the
Hilton Minneapolis/Bloomington in Bloomington, Minnesota and
previously managed the Crowne Plaza-Northstar Hotel.
The acquisition is expected to close at the beginning of March
2024.
About Marcus Hotels &
Resorts
Marcus Hotels & Resorts owns and/or manages 15 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 unique food
and beverage concepts, developed by Marcus Hotels & Resorts,
such as Mason Street Grill, ARIA Restaurant, Milwaukee ChopHouse,
Miller Time® Pub & Grill, and SafeHouse® Restaurant. For more
information, please visit: http://media.marcushotels.com and follow
the company on Facebook, Instagram and LinkedIn.
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
988 screens at 79 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 Hempel Real Estate
Hempel Real Estate is a Minnesota based leading commercial real
estate firm dedicated to acquiring, developing, leasing and
managing commercial properties in markets throughout the Midwest.
Founded in 2001, Hempel Real Estate has earned a reputation for
bringing dynamic and fresh vision to real estate investment. Hempel
has more than 3 million square feet in its portfolio. With a proven
track record of success, Hempel Real Estate specializes in
turnaround projects and new and re-use development properties with
a focus on retail, office, hospitality, and multi-family.
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Sam Wisniewski Sam.Wisniewski@hprstrategies.com
Marcus (NYSE:MCS)
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