Marcus Hotels & Resorts Forms Joint Venture with Searchlight Capital Partners to Grow Portfolio of Co-Owned Hotels
JV acquires Kimpton Hotel Monaco Pittsburgh, with Marcus Hotels & Resorts serving as manager
Marcus® Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), today announced that it has formed a joint venture with funds managed by Searchlight Capital Partners, a leading global private investment firm, to co-invest in lifestyle hotels, resorts and high-quality full-service properties. Through this joint venture, Marcus Hotels & Resorts and Searchlight Capital Partners announced the acquisition of the Kimpton Hotel Monaco Pittsburgh, which Marcus Hotels & Resorts will manage, effective December 16, 2021. The hotel will remain within the Kimpton brand.
“We are excited to begin our partnership with Searchlight Capital Partners with the acquisition of the Kimpton Hotel Monaco Pittsburgh,” said Michael Evans, president of Marcus Hotels & Resorts. “As we seek more opportunities to co-invest in and manage leading properties across the nation, our partnership with Searchlight Capital Partners will allow us to strategically expand our co-owned portfolio of market leading resorts and hotels.”
The terms of the joint venture were not disclosed.
Kimpton Hotel Monaco Pittsburgh
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 state-of-the-art meeting and event space with two beautiful ballrooms as well as rooftop and outdoor spaces overlooking the city. Guests can also enjoy two vibrant on-property dining options that are each popular destinations for the local community. The Commoner, the hotel’s full-service restaurant, features American tavern classics paired with a robust selection of local beers and craft spirits. The hotel’s seasonal rooftop Biergarten includes a menu focused on European beer and German-influenced bar bites. Other hotel amenities include the Kimpton pet-friendly policy, evening social hour, morning coffee and tea, and bike rentals.
“Marcus Hotels & Resorts is excited to grow its footprint into Pittsburgh and the state of Pennsylvania, and to add a Kimpton property to our growing portfolio of premium branded and independent lifestyle hotels,” added Evans. “Kimpton Hotel Monaco Pittsburgh is a perfect fit with our overall growth strategy, and we are looking forward to welcoming the hotel associates to our Marcus family and working with the Kimpton brand to delight our guests and deliver continued operational excellence for this market leading hotel.”