MILWAUKEE & OKLAHOMA CITY–Marcus® Hotels & Resorts, a nationally recognized owner and management company and division of The Marcus Corporation (NYSE: MCS), together with its co-owners, Skirvin Partners in Development (SPID), today announced the sale of the Skirvin Hilton in Oklahoma City to Skirvin Hotel LLC for $36.75 million. Additional terms of the transaction were not disclosed.
The Skirvin Hotel was first opened in 1911 as Oklahoma City was transforming into a major economic center. After closing in 1988, a public-private partnership between the City of Oklahoma City, Marcus Hotels & Resorts and SPID was formed to bring the Skirvin back to its historic traditions of elegancy and luxury. Following an extensive renovation, the Skirvin reopened in February 2007 and today is recognized as Oklahoma City’s premier hotel, boasting 255 recently renovated rooms, upscale amenities, and 18,500 square feet of meeting and event space.
“It has been a privilege and honor for our company to be part of the revitalization of the Skirvin and the broader resurgence of Oklahoma City over the past 16 years,” said Michael Evans, president of Marcus Hotels & Resorts. “Together with our partners at the City of Oklahoma City, we achieved our vision for the Skirvin and are pleased its new local owners share our admiration for the property, its people and the community it serves. The decision to sell the Skirvin 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 capital redeployment and new management contracts.”
The Skirvin Hilton will retain the Hilton brand, with Hilton serving as the property manager. The sale marks the conclusion of the public-private partnership that drove the hotel’s reemergence.
“In 2003, a public-private partnership was formed to create a restoration plan and financing package to redevelop the then vacant Skirvin Hotel,” said Kenton Tsoodle, president of the Alliance for Economic Development of Oklahoma City. “By all measures, this partnership has been a success – for the city, for members of the partnership, and most importantly, the citizens and guests of Oklahoma City. The Skirvin is an important cultural centerpiece of our city, and we look forward to seeing it flourish in this next phase of its history.”
JLL Hotels and Hospitality Group advised Marcus Hotels & Resorts and its partner, SPID. Together they form Skirvin Partners, LLC, the former Skirvin Hotel ownership group.
