Marcus Hotels & resorts Acquires Cornhusker Hotel

Marcus® Hotels & Resorts, a division of The Marcus Corporation MCS and its affiliate, MCS Capital LLC, today announced an agreement, subject to the satisfaction of certain standard and customary conditions to closing, to purchase the Cornhusker Hotel and Office Plaza in Lincoln, Neb. Marcus Hotels will be the majority owner of a joint venture with a fund affiliate of LEM Capital of Philadelphia. The Cornhusker Hotel acquisition is the first transaction sourced by MCS Capital, The Marcus Corporation's new hotel investment business. Marcus Hotels & Resorts assumed management of the property as of September 6. Terms of the transaction were not disclosed. The Cornhusker Hotel, a Nebraska landmark, is a 297-room, full-service hotel with 45,600 square feet of meeting space located in downtown Lincoln. Upon completion of the transaction, Marcus Hotels plans to begin a multi-million dollar renovation and affiliate the property with Marriott International, Inc. as the Cornhusker Marriott Hotel. The Cornhusker Office Plaza is a seven-story building with a total of 85,592 square feet of net leasable office space that is nearly 90% occupied. The office building is connected to the hotel by a four-story atrium that will be used for local events and exhibits, and will feature the work of local artists.