With the sale, Marcus will now own 15% of the property, but will remain manager of the hotel with a long-term contract. The company had planned a multimillion-dollar, respectful renovation of the 110-year-old hotel as a jewel for the city, and Waterton will continue the work plans, says a Marcus official.
"As part of our growth strategy that we shared with shareholders and the board was that we would sell the interest, while retaining a minority piece and maintaining management," says David Merritt, senior vice president of development for Marcus. This arrangement allows the company to keep part ownership of the building, stay as manager and participate in the planned renovation that "will touch all parts of the hotel," he says."We're going to look to align ourselves with other institutional partners on other projects around the country," Merritt tells GlobeSt.com.
Located in Downtown Columbus, the hotel is connected to the Southern Theatre, a historically restored, 933-seat performing arts forum. The hotel was opened in 1897 under the name the Great Southern Fireproof Hotel and Opera House, following a decade where blazes destroyed the popular Seneca, Deshler and Vendome hotels. A total of 400 men invested $100 each to build the hotel.
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