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Press Release: The Marcus Corporation
March 20, 2006
MILWAUKEE, WI -- The Marcus Corporation (NYSE:MCS) March 17 announced that its Marcus Hotels and Resorts division
has signed a definitive agreement for the purchase of The Westin Columbus hotel in downtown Columbus, Ohio. Marcus
Hotels and Resorts will purchase the property from an affiliate of BPG Properties, Ltd., the operating affiliate
of Berwind Property Group, Ltd., a privately held real estate investment management firm based in Philadelphia,
Pa. Terms of the transaction were not disclosed. A mid-April 2006 closing is anticipated.
"The Westin Columbus will be an outstanding addition to our portfolio of 13 distinctive full-service hotels
and resorts. The property is located in the heart of downtown Columbus, within walking distance to the business
district, convention center, sporting and cultural venues, the state capitol and numerous shopping and tourist
attractions. It is a beautiful historic property that enables us to leverage our experience in renovating and operating
landmark hotels. The acquisition further expands our presence in the Midwest, in an attractive and growing market,"
said William J. Otto, president of Marcus Hotels and Resorts.
The Westin Columbus is a AAA four-diamond full-service hotel that includes 186 guest rooms and suites, more than
12,000 square feet of meeting, banquet and ballroom space, and a restaurant and cocktail lounge. The hotel, which
opened in 1897, is the only historically significant hotel in the downtown Columbus area. The hotel is connected
to the historic Southern Theatre, a beautifully restored 933-seat performing arts theatre that is home to the Columbus
Jazz Orchestra, the Light Opera and the ProMusica Chamber Orchestra.
"We are very excited about this opportunity to enter the Columbus market. We plan to remodel the guest rooms
and food and beverage facilities to enhance the historic features of the property, while offering the many amenities
and services today's travelers expect from a premier hotel. We believe our investments in improving the ambience
and features of the hotel, combined with the high standards for service and quality that are a Marcus Hotels tradition,
will broaden the appeal of The Westin Columbus among the corporate business travel segment. We also look forward
to working with Westin Hotels & Resorts, a well established and highly respected brand that is owned by Starwood
Hotels & Resorts Worldwide," said Otto.
Otto noted that while Columbus is a new location for Marcus Hotels and Resorts, The Marcus Corporation's movie
theatre division, Marcus Theatres®, has had a presence in the Columbus market for a number of years. Marcus
Theatres owns and operates movie theatres in the Columbus area in Pickerington and Crosswoods Center. "With
the existing theatre operations in the Columbus area, our company has first-hand knowledge of the market and its
potential," said Otto.
"Marcus Hotels and Resorts currently owns and operates three other historic hotels -- the Pfister Hotel and
the Hilton Milwaukee City Center in Milwaukee, Wis., and the Hotel Phillips in Kansas City, Mo. The restoration
and renovation of a fourth historic property, the Skirvin Hotel in Oklahoma City, Okla., is currently under way,
with an opening planned for February of 2007. We believe our background in successfully operating other historic
hotels will add value to The Westin Columbus and will enhance the experience we offer our guests," said Otto.
About Marcus Hotels and Resorts
In addition to its three historic properties, Marcus Hotels and Resorts also owns and operates the Four Points
by Sheraton Chicago Downtown/Magnificent Mile, Chicago, Ill.; the Grand Geneva Resort in Lake Geneva, Wis.; the
Hilton Madison at Monona Terrace in Madison, Wis., and the Wyndham Milwaukee Center in Milwaukee, Wis. The company
also manages six properties for other owners: Beverly Garland's Holiday Inn, North Hollywood, Calif.; the Crowne
Plaza-Northstar, Minneapolis, Minn.; Hilton Garden Inn - Northwest, Houston, Tex.; Hotel Mead, Wisconsin Rapids,
Wis.; Timber Ridge Lodge and Water Park, Lake Geneva, Wis.; and the Marcus Vacation Club at Grand Geneva, Lake
Geneva, Wis. In addition, the Platinum Hotel & Spa, a luxury condominium hotel joint-venture project currently
under construction in Las Vegas, is scheduled to open in late June 2006.
About The Marcus Corporation
Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader in the lodging and entertainment industries.
The Marcus Corporation's movie theatre division, Marcus Theatres®, owns or manages 504 screens at 45 locations
in Wisconsin, Illinois, Minnesota and Ohio, and one family entertainment center in Wisconsin. The company's lodging
division, Marcus Hotels and Resorts, owns or manages 12 hotels and resorts in Wisconsin, California, Minnesota,
Missouri, Texas and Illinois and one vacation club in Wisconsin. For more information, 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 could 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 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 increasing depreciation expenses and preopening and start-up costs due to the capital intensive
nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect
to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter
in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry
supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions
in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability
of funds for such development; (8) the adverse impact on business and consumer spending on travel, leisure and
entertainment resulting from terrorist attacks in the United States, the United States' responses thereto and subsequent
hostilities; and (9) our decisions regarding the use of the remaining proceeds received from the sale of our limited-service
lodging division. 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.
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Contact: The Marcus Corporation Investors: Douglas A. Neis, 414-905-1100 or Marcus Hotels and Resorts Media: William J. Otto, 414-905-1200
Source: The Marcus Corporation