The company will temporarily close additional properties
MILWAUKEE--(BUSINESS WIRE)--Apr. 8, 2020--
Marcus Hotels & Resorts®, a division of The Marcus Corporation (NYSE:MCS), is temporarily closing additional properties across its portfolio. This decision includes all of the following hotels owned by the Company that are currently still open, The Pfister Hotel in Milwaukee; The Platinum Hotel in Las Vegas; Hilton Madison Monona Terrace in Wisconsin; and the AC Hotel Chicago Downtown in Chicago. Additionally, with respect to the hotels that we manage for third-parties, we are working with the owners of those properties to temporarily close the hotels or transition management.
“Our top priority in this unprecedented time, as it has always been through our history, is focused on the safety and well-being of our associates, guests and community. Like so many businesses today, we are presented with difficult decisions. Given the drastic and ongoing challenges facing our industry and business, we are closing additional properties across our portfolio and hope this decision will also help our nation’s efforts to slow the spread of the novel coronavirus,” said Michael R. Evans, President of Marcus Hotels & Resorts. “These continue to be especially trying times, and we remain committed to diligently helping our associates that have been most adversely impacted by this situation. Amidst these challenges, our underlying hope is that we will only be closed for a short period of time and our team will soon be back together welcoming guests through our doors.”
About Marcus Hotels & Resorts
Marcus Hotels & Resorts owns and/or manages 20 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 hotel food and beverage concepts developed by its Marcus Restaurant Group, featuring premier brands such as Mason Street Grill, ChopHouse, Miller Time® Pub & Grill and SafeHouse® Restaurants. For more information, please visit: http://media.marcushotels.com and follow the company on Facebook and Twitter (@MarcusHotels).
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 1,110 screens at 91 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.
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 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; (9) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, other incidents of violence in public venues such as hotels and movie theatres or epidemics (such as the Coronavirus, SARs, bird flu and swine flu); (10) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders; (11) our ability to timely and successfully integrate the Movie Tavern operations into our own circuit; and (12) our ability to achieve the additional revenues and operating income that we anticipate from our additional week of operations in fiscal 2020 and certain extraordinary events that will take place in or near Milwaukee during fiscal 2020, such as the Democratic National Convention and The Ryder Cup. 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: https://www.businesswire.com/news/home/20200408005777/en/
Media: Erin Levzow, Marcus Hotels & Resorts
Investors: Douglas A Neis, The Marcus Corporation
Source: Marcus Hotels & Resorts