Owner-operator Marcus Hotels & Resorts, Milwaukee, Wisconsin, has formed a joint venture with funds managed by Seachlight Capital Partners to co-invest in lifestyle hotels, resorts and high-quality full-service properties. At the same time, the JV announced its first deal, the acquisition of the Kimpton Hotel Monaco Pittsburgh, which Marcus will manage, effective December 16, 2021.
Terms of the deal were not announced and the hotel will remain within the Kimpton brand.
“Marcus Hotels & Resorts has a long history of both owning and managing hotels, and by working with a strategic capital partner such as Searchlight we are able to accelerate our growth at this pivotal moment in the hotel industry recovery,” Michael Evans, president of Marcus Hotels & Resorts told HOTELS on Friday morning. “Over the last year, we have been in conversations with a number of potential partners and identified Searchlight as being particularly well aligned with us, both in investment goals and approach to hotel ownership.”
When asked about growth potential, Evans added, “Subject to market conditions and available opportunities, we hope to do multiple deals a year.”
Evans said the target investment profile is primarily lifestyle hotels and resorts, as well as other full-service assets that opportunistically become available.
With the addition of the Kimpton in Pittsburgh, Marcus owns and/or manages 19 hotels, resorts and other properties in the U.S.
Searchlight is a global private investment firm with over $9 billion in assets under management and offices in New York, London and Toronto.