The Marcus Corp. has agreed to sell Hotel Phillips in Kansas City, Mo., to an affiliate of Arbor Lodging Partners, according to the Milwaukee Business Journal.
The sale and transition of management for Hotel Phillips is slated for Sept. 1. Milwaukee-based Marcus Corp. has owned it for 14 years and financed an extensive renovation during that time. Arbor Lodging Partners is a Chicago-based owner and manager of hotels nationwide that makes debt and equity investments in hospitality properties.
“The decision to sell the Hotel Phillips is consistent with our overall corporate strategy of constantly evaluating each of our owned hotels to ensure we are maximizing shareholder value, while also focusing on growth through new management contracts,” said Gregory Marcus, president and chief executive officer of The Marcus Corp., in a statement.
Terms of the transaction 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, chief executive officer of Arbor Lodging Partners, in a statement. “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.”