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Marcus Committed to $65M in Capital Expenses

CHICAGO-The Milwaukee-based Marcus Corp. remains in the early development stages of a Baymont Inn & Suites on Rush Street, among several other projects on the hotel and theater company's to-do list.

By Mark Ruda | Updated on September 21, 2002

CHICAGO-A Baymont Inn in the River North neighborhood remains in Milwaukee-based Marcus Corp.’s $65-million capital expense budget for its current fiscal year, with the company expecting further costs the following year. The company’s fiscal calendar ends in May.

Chief financial officer Douglas A. Neis says in an earnings conference call that the company has approved more than $40 million worth of projects throughout its hotel and movie theater operations. “Included in that is the big Rush Street project in Chicago that will carry over into our next fiscal year,” Neis says.

The commitments remains in place while Marcus Corp.’s Baymont Inns & Suites post declines in revenue and operating income, which the company blames on cutbacks in business travel. Meanwhile, the companies full-service hotels and resorts, including the renovated Hotel Phillips in Kansas City, continue to outperform their national peers, says chairman and chief executive officer Stephen H. Marcus, with revenue increasing 6% over the same quarter in 2001.

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