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.
