Thursday July 25th, 2013 - 10:34AM
MILWAUKEE—The Marcus Corporation has reported results for the fourth quarter and fiscal year ended May 30, 2013.
Revenues for Marcus Hotels & Resorts increased 4% for the year, and RevPAR for comparable company-owned hotels was up 0.6% for the fourth quarter and 3.4% for the full year.
According to the company, this was driven by higher occupancy and an increase in the average daily rate, which increased for the tenth consecutive quarter and the third straight year.
Kirk A. Rose, president of Marcus Hotels & Resorts, stated, “We are pleased with the continued recovery of the lodging industry; however, overall rates are still not back to pre-recession levels and group business continues to be challenged.” He also noted that the fiscal 2013 results were impacted by the extra week last year, the Las Vegas legal costs and expected winter-season losses at its newest hotel, The Cornhusker,, A Marriott Hotel, in Lincoln, NE, while it is being repositioned.
According to the company, growing the division will be a focus, including pursuing additional management contracts, which may include small equity investments.