Marcus Hotels and Resorts Forms Hotel JV with Searchlight Capital Partners.
MANews-(C)2009-2021
US-based lodging and entertainment company The Marcus Corp's (NYSE: MCS) Marcus Hotels and Resorts owner and management division has formed a joint venture with funds managed by private investment firm Searchlight Capital Partners to co-invest in lifestyle hotels, resorts and full-service properties, the company said.
Through this joint venture, Marcus Hotels and Resorts and Searchlight Capital Partners announced the acquisition of the Kimpton Hotel Monaco Pittsburgh, which Marcus Hotels and Resorts will manage, effective December 16, 2021.
The hotel will remain within the Kimpton brand.
The terms of the joint venture were not disclosed.
Located in the nearly 120-year-old historic James H. Reed building that was redeveloped in 2015, Kimpton Hotel Monaco Pittsburgh is a 248-room, nine-story hotel situated in the center of downtown Pittsburgh across from Mellon Square Park and nearby the Cultural District's many art galleries, restaurants, and retail shops.
It is also close to concert and major sports venues like Heinz Field, PPG Paints Arena and PNC Park as well as numerous universities, including the prestigious Carnegie Mellon University and the University of Pittsburgh.
Popular with business and leisure travelers alike, the award-winning hotel features spacious guestrooms with contemporary design and local touches to connect visitors to Pittsburgh.
Kimpton Hotel Monaco Pittsburgh has over 11,300 square feet of meeting and event space with two ballrooms as well as rooftop and outdoor spaces overlooking the city.
With the addition of Kimpton Hotel Monaco Pittsburgh, Marcus Hotels and Resorts owns and/or manages 19 hotels, resorts and other properties in the US.
The company's distinctive portfolio...
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