Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE:MCS), today announced that it has completed the purchase of the 186-room Westin Columbus (Ohio) hotel. Terms of the transaction were not disclosed. The property, which also will be operated by Marcus, was acquired from an affiliate of BPG Properties, LTD, the operating affiliate of Philadelphia-based Berwind Property Group, LTD., a privately held real estate investment management firm.
The historic hotel will undergo a substantial renovation to bring the property to peak operating condition. Upgrades include renovating all guest rooms and creating a new dining experience in harmony with the property's historic setting.
The AAA four-diamond Westin Columbus is located in the heart of downtown Columbus and is connected to the Southern Theatre, a historically restored, 933-seat performing arts theater. "This is the fourth historic hotel in our portfolio," said Bill Otto, president of Marcus Hotels and Resorts. "We have significant expertise in this unique segment of the hotel industry, ranging from careful restoration to understanding the complexities of historic tax credits.
"The Westin Columbus is the third addition to our portfolio in the past 12 months, with two more hotels slated to open in the months ahead," he noted. "These recent additions further geographically diversify our 15-hotel portfolio. The two other hotels added during the past 12 months include the recently opened 226-room Four Points by Sheraton Hotel Chicago Downtown Magnificent Mile and the recently acquired 220-room Wyndham Milwaukee Center. In addition, The Platinum Hotel & Spa, a 255-suite condo-hotel, is scheduled to open shortly in Las Vegas, and our fifth historic hotel, the 224-room Skirvin Hotel Oklahoma City, is currently being rehabilitated and is scheduled to re-open in the first quarter of calendar 2007."
Otto noted the company continues to seek expansion opportunities. "Our primary growth focus moving forward will be to co-invest with institutional investors to acquire or develop hotels," he said. "We also seek to expand our third-party management activity. We have an active pipeline and are aggressively pursuing a number of opportunities."
