Searchlight Capital / Marcus JV to acquire Kimpton hotel in Pittsburgh
We advised the joint venture on the transaction
Davis Polk advised a joint venture between affiliates of Searchlight Capital Partners, L.P. and Marcus Hotels & Resorts, a division of The Marcus Corporation (NYSE: MCS) on the acquisition of the Kimpton Hotel Monaco Pittsburgh and their acquisition financing from Ramsfield Hospitality Finance and funds managed by CarVal Investors. The hotel will be managed by Marcus Hotels & Resorts and it will remain within the Kimpton brand.
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 nearby the Cultural District’s many art galleries, restaurants and retail shops. Kimpton Hotel Monaco Pittsburgh has over 11,300 square feet of state-of-the-art meeting and event space with two beautiful ballrooms as well as rooftop and outdoor spaces overlooking the city.
Searchlight is a global private investment firm with over $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders.
The Marcus Corporation is a leader in the lodging and entertainment industries with significant company-owned real estate assets. Through its subsidiary Marcus Hotels and Resorts, it owns and/or manages 19 hotels, resorts and other properties in the United States.
The Davis Polk real estate team included partner Brian D. Hirsch, counsel Susan D. Kennedy and associates Nicholas Soilleux, Jaclyn Katz and David Beizer. Partner Ethan R. Goldman and associate Liang Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.