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Marcus Hotels & Resorts, along with partners, to acquire Loews Minneapolis Hotel, rebranding it under a global hotel system. The acquisition aligns with the company's strategy of co-investing and managing leading properties nationwide.
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The acquisition of the Loews Minneapolis Hotel by Marcus Hotels & Resorts, in partnership with Hempel Real Estate and Robinson Park Investments, represents a strategic expansion within the hospitality sector. This move suggests a bullish outlook on the Minneapolis market, potentially driven by the city's economic indicators or a gap in the luxury hotel segment that Marcus Hotels & Resorts aims to fill.
Given the hotel's prime location and the amenities it offers, it is positioned to attract both business and leisure travelers, which could result in a diversified revenue stream for Marcus Hotels & Resorts. The rebranding under a major global hotel system may also leverage the brand equity to drive occupancy rates and command higher room prices, contributing positively to the company's top-line growth.
From a financial perspective, the undisclosed terms of the acquisition warrant attention. The impact on The Marcus Corporation's financials will depend on the purchase price, financing structure and the hotel's operating performance post-acquisition. Investors will be keen on understanding how this acquisition will affect the company's debt levels, cash flow and return on investment.
Furthermore, the market will look for signals on how the new property will contribute to earnings. If Marcus Hotels & Resorts can successfully implement a focused management strategy and increase the hotel's profitability, it could result in an enhanced shareholder value. However, investors should also consider the risks associated with the integration of the new property and the execution of the rebranding strategy.
Examining the competitive landscape, the acquisition could alter the dynamics within the Minneapolis hospitality market. An analysis of market saturation, average daily rates and occupancy trends will be crucial to forecast the potential success of the new acquisition. The synergy between the hotel's offerings and the city's demand for luxury accommodations will be a determinant factor in the hotel's market penetration.
Additionally, the hotel's connection to sports and entertainment venues positions it advantageously for partnerships and package deals that could drive demand. The ability of Marcus Hotels & Resorts to capitalize on this unique positioning will be critical in establishing a competitive edge in the region.
MILWAUKEE--(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.
What hotel is Marcus Hotels & Resorts acquiring in partnership with Hempel Real Estate and Robinson Park Investments?
Marcus Hotels & Resorts, along with Hempel Real Estate and Robinson Park Investments, are jointly acquiring the Loews Minneapolis Hotel.
What will happen to the Loews Minneapolis Hotel after the acquisition?
Upon closing, Marcus Hotels & Resorts will manage the hotel, which will be rebranded under another major global hotel system.
When is the acquisition of the Loews Minneapolis Hotel expected to close?
The acquisition is expected to close at the beginning of March 2024.
What are some key features of the Loews Minneapolis Hotel?
The full-service luxury hotel features 251 rooms, over 12,500 square feet of meeting space, a full-service restaurant, and lobby bar. It is located in downtown Minneapolis, near entertainment and sports venues.
How many properties does Marcus Hotels & Resorts manage in Minneapolis?
Marcus Hotels & Resorts currently manages two other properties in Minneapolis: the Hilton Minneapolis/Bloomington and previously the Crowne Plaza-Northstar Hotel.
the marcus corporation, together with its subsidiaries, owns and operates movie theatres, and hotels and resorts in the united states. as of march 17, 2020, it owned or operated 1,110 screens at 91 locations in 17 states under the marcus theatres, movie tavern by marcus, and bistroplex brands; and owned and managed 20 hotels, resorts, and other properties in eight states. the company also operates a family entertainment center under the funset boulevard name in appleton, wisconsin, as well as owns and operates a retail outlet under the name of ronnie's plaza. in addition, it provides hospitality management services, including check-in, housekeeping, and maintenance for a vacation ownership development. the company was founded in 1935 and is headquartered in milwaukee, wisconsin.
