Marcus Hotels and Resorts, owner and management company and division of The Marcus Corp., has formed a joint venture with funds managed by Searchlight Capital Partners, a global private investment firm, to co-invest in lifestyle hotels, resorts and full-service properties. The terms of the joint venture were not disclosed.
Through this joint venture, Marcus Hotels and Resorts and Searchlight Capital Partners have acquired the Kimpton Hotel Monaco Pittsburgh, which Marcus Hotels and Resorts will manage, effective Dec. 16. 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,” Marcus Hotels and Resorts President Michael Evans said. “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.”
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 in the center of downtown Pittsburgh across from Mellon Square Park and near the Cultural District’s many art galleries, restaurants, and retail shops.
Kimpton Hotel Monaco Pittsburgh has more than 11,300-square-feet of meeting and event space with two ballrooms as well as rooftop and outdoor spaces. The hotel also has two on-property dining options: The Commoner, the hotel’s full-service restaurant, serves American tavern classics paired with a robust selection of local beers and craft spirits, while the seasonal rooftop Biergarten includes a menu focused on European beer and German-influenced bar bites.
“Marcus Hotels and 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,” Evans added. “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.”