Second Marriott hotel in Nebraska managed by Marcus Hotels & Resorts
MILWAUKEE--(BUSINESS WIRE)--Jun. 15, 2015--
Marcus®
Hotels & Resorts, a division of The
Marcus Corporation (NYSE: MCS), and MCS Capital LLC, today announced
that Marcus Hotels & Resorts has been selected to manage the new Capitol
District Marriott hotel currently under development in Omaha, Neb. The
14-story high-rise hotel is being developed by Shamrock Development,
Inc. as the anchor for the Capitol District upscale urban destination
dining and entertainment district, located in a prime redevelopment area
in the city’s downtown. Marcus Hotels & Resorts will be a minority
investor in the project and has provided pre-development and design
programming for the project, and will provide technical consulting and
pre-opening services during the construction phase. MCS Capital is The
Marcus Corporation’s hotel investment subsidiary.
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Rendering: Capitol District Marriott in Omaha, Neb. (Photo: Business Wire)
Located at Capitol Avenue and 10th Street, the 333-room
full-service hotel will also have 20,000 square feet of flexible meeting
space, including an 11,000 square-foot ballroom. The new ballroom will
be the largest among the downtown Omaha hotels. Other features include a
full-service restaurant, two bars, Starbucks® store in the
lobby, extra-large fitness center, a rooftop outdoor swimming pool and a
parking garage. Construction is underway, with completion anticipated in
spring of 2017.
“The Capitol District is going to be an exciting addition to downtown
Omaha and we are very pleased to be selected to manage the project’s
anchor property. A number of factors came together to make the Capitol
District Marriott an excellent opportunity for Marcus Hotels. We are
also the majority owner and manager of The Cornhusker, a Marriott Hotel,
in Lincoln, giving us a solid presence in Nebraska’s two largest
cities,” said Joseph Khairallah, chief operating officer of Marcus
Hotels & Resorts. “We look forward to bringing our more than 50 years of
hotel expertise to the new Capitol District Marriott and to making it
the premier hotel in downtown Omaha.”
Khairallah noted that the company is already familiar with Omaha. “The
Marcus Corporation’s movie theatre division, Marcus Theatres®,
entered the Omaha market in 2008 with the acquisition of Douglas
Theatres and currently operates three Omaha movie theatres. We are
investing in Omaha because it’s a great market that builds on our
Midwestern roots. We are excited about expanding our presence in Omaha
and being part of this very special project that will create an even
more vibrant downtown.”
Michael T. Moylan, president of Shamrock Development, said, “We selected
Marcus Hotels because of their extensive management expertise, but also
because of the company’s knowledge of the Nebraska market and strong
relationship with Marriott. We look forward to developing a hotel that
is the first choice for convention attendees, meeting planners and
leisure travelers, as well as for the local residents who will enjoy
experiencing the hotel’s food and beverage outlets as part of the entire
Capitol District.”
In addition to the new hotel, plans for the $205 million Capitol
District include 225 residential apartments, 140,000 square feet of
Class A office space, and 90,000 square feet of high-end retail space
for restaurants, shops and entertainment, all located around a master
planned plaza. The project is located across the street from the
CenturyLink Arena & Convention Center and TD Ameritrade Park, home of
the NCAA College World Series. The Capitol District Marriott is part of
the first phase of the project, however Shamrock expects the entire
Capitol District to come on line at the same time in the spring of 2017.
For more information on the Capitol District, please visit: http://www.capitoldistrictomaha.com.
For the latest news and updates from Marcus Hotels & Resorts, please
visit http://media.marcushotels.com.
About Marcus Hotels & Resorts
Marcus
Hotels & Resorts, a division of The
Marcus Corporation (NYSE: MCS), owns and/or manages 20 hotels,
resorts and other properties in 11 states. A force in the hospitality
industry, Marcus Hotels & Resorts provides expertise in management,
development and historic renovations. The company’s portfolio includes a
wide variety of properties including city-center meeting hotels, upscale
resorts and branded first-class hotels. For more information on the
latest news and updates, please visit: http://media.marcushotels.com
and follow the company on Facebook
and Twitter
(@MarcusHotels).
About Shamrock Development
Shamrock is a local real estate development company, founded by Omaha
native Michael T. Moylan, CCIM. Shamrock specializes in creating
downtown mixed-use developments. Recent projects include the historic
renovation of The Barker Building at 15th & Farnam, the 1501
Jackson Apartments, restoration of The Paxton at 14th &
Farnam Street, the 1000 Dodge Building at 10th and Dodge, and
the 1009 Capitol Building. To learn more, please visit Shamrock
Development at www.shamrockdevelopment.com.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The
Marcus Corporation is a leader in the lodging and entertainment
industries, with significant company-owned real estate assets. In
addition to its Marcus
Hotels & Resorts division, The Marcus Corporation’s theatre
division, Marcus
Theatres®, currently owns or manages 681 screens at 55
locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North
Dakota and Ohio. For more information, please visit the company’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 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, including, but not limited to, the
following: (1) the availability, in terms of both quantity and audience
appeal, of motion pictures for our theatre division, as well as other
industry dynamics such as the maintenance of a suitable window between
the date such motion pictures are released in theatres and the date they
are released to other distribution channels; (2) the effects of adverse
economic conditions in our markets, particularly with respect to our
hotels and resorts division; (3) the effects on our occupancy and room
rates of the relative industry supply of available rooms at comparable
lodging facilities in our markets; (4) the effects of competitive
conditions in our markets; (5) our ability to achieve expected benefits
and performance from our strategic initiatives and acquisitions; (6) the
effects of increasing depreciation expenses, reduced operating profits
during major property renovations, impairment losses, and preopening and
start-up costs due to the capital intensive nature of our businesses;
(7) the effects of adverse weather conditions, particularly during the
winter in the Midwest and in our other markets; (8) our ability to
identify properties to acquire, develop and/or manage and the continuing
availability of funds for such development; and (9) the adverse impact
on business and consumer spending on travel, leisure and entertainment
resulting from terrorist attacks in the United States or incidents such
as the tragedy in a movie theatre in Colorado in July 2012.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150615005130/en/
Source: The Marcus Corporation
Media:
Marcus Hotels
Christine Beuchert-Williams, 414-905-1270
Investors:
The
Marcus Corporation
Douglas A. Neis, 414-905-1100
