Marcus Hotels & Resorts, a division of The Marcus Corporation, has formed a joint venture with funds managed by Searchlight Capital Partners, a leading global private investment firm, to co-invest in lifestyle hotels, resorts and high-quality full-service properties. Through this joint venture, Marcus Hotels & Resorts and Searchlight Capital Partners announced the acquisition of the Kimpton Hotel Monaco Pittsburgh, which Marcus Hotels & Resorts will manage. 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,” said Michael Evans, president, Marcus Hotels & Resorts. “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.”
The terms of the joint venture were not disclosed.
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 situated in the center of downtown Pittsburgh across from Mellon Square Park and near the Cultural District. It is also close to concert and major sports venues like Heinz Field, PPG Paints Arena and PNC Park, as well as numerous universities, including Carnegie Mellon University and the University of Pittsburgh.
The property has more than 11,300 sq. ft. of meeting and event space with two ballrooms as well as rooftop and outdoor spaces overlooking the city. Other amenities include two F&B outlets, including the seasonal rooftop Biergarten; an evening social hour; morning coffee and tea; and bike rentals.
“Marcus Hotels & 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,” added Evans. “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.”