Marcus Selected to Manage Luxury Hotel in Carmel City Center
Company Will Also Provide Technical and Pre-Opening Services
SEPTEMBER 12, 2007. Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE: MCS), today announced that it has been selected by Pedcor City Center Development Company to manage a luxury boutique hotel that is part of Carmel City Center, a master-planned, multi-use development located in Carmel, Indiana. In addition, the company will provide technical development and pre-opening services. This independent hotel will be the centerpiece of the one million square foot, multi-million dollar project that is expected to quickly become a landmark destination in this upscale city just north of Indianapolis. The hotel will feature 120-140 rooms, several food and beverage outlets, a banquet hall, meeting space and a luxury spa.
'Marcus Hotels and Resorts has extensive experience in developing and positioning luxury, urban and suburban hotels and operates some of the most well respected properties throughout the Midwest and the country,' said Bruce Cordingley, Pedcor's CEO. 'We believe their expertise, coupled with the potential economies of scale and synergies with their other hotels in the region, make them the ideal choice for this exciting, new project.'
Carmel City Center is a public/private partnership between the City of Carmel and Pedcor City Center Development Company with direction and oversight from the Carmel Redevelopment Commission. A destination like no other in central Indiana, the project will offer the appeal of a neighborhood and the vibrancy of a downtown. The hotel will be complemented by 230,000 square feet of specialty retail, 170,000 square feet of premiere downtown office space, 300 luxury residential units, a world class, 1,600 seat performance hall, a 500 seat performing arts theater, spectacular green spaces and the ever popular Monon Trail.
Marcus Hotels and Resorts will provide technical development expertise and input for the design and concepting of the hotel, as well as pre-opening services. 'A hotel is arguably the most complex of all real estate classes in terms of design and operations,' said Bill Otto, president of Marcus Hotels and Resorts. 'Our goal is to provide input into the important design elements that will make the hotel both unique and highly functional.
'We believe Carmel Center will become one of the most popular urban destinations in the Midwest,' Otto added. 'We want to create a luxury lodging experience that will appeal to the most sophisticated traveler, yet maintain the city's friendly, welcoming Midwest roots. We want to provide an environment that will become a magnet for social events and have broad appeal to both business and leisure travelers.'
Planning for the hotel is expected to get underway shortly, with opening scheduled in 2010.
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