Marcus Corp. Parts Ways with Kansas City Hotel
- Jul 30, 2015
The Marcus Corp. is parting ways with the Hotel Phillips in Kansas City, Mo. after 14 years. The Milwaukee-based company has signed an agreement to sell the property to an affiliate of Chicago-based Arbor Lodging Partners. Financial terms were not disclosed.
“We consider this a highly strategic opportunity to acquire this beautiful historic hotel in Kansas City and to contribute to the future growth of the downtown area,” said Vamsi Bonthala, CEO of Arbor Lodging Partners. “As with other historic properties in our portfolio, we are planning a comprehensive renovation and the hotel will be managed by NVN Hotels, our hotel management affiliate.”
The Marcus Corp. purchased the 217-key property at 106 W. 12th St. back in 2001 and invested in renovations and new amenities shortly after the acquisition. The hotel, housed in a historic 1931 building with an Art Deco lobby, features approximately 11,000 square feet of flexible meeting space, as well as a restaurant and a lounge. It is located just two blocks from the Arvest Bank Theatre at the Midland and nearby the Kauffman Center for the Performing Arts in downtown Kansas City.
According to Gregory Marcus, president & CEO of The Marcus Corp., the purchase of Hotel Phillips is consistent with the company’s corporate strategy of maximizing shareholder value and focusing on growth through new management contracts. The property’s sale and management transition is expected to occur in September 2015.
Image courtesy of Kenny Johnson Photography via the Hotel Phillips Facebook page