Economic Development

Marcus Hotels & Resorts, a division of The Marcus Corp. and its affiliate, MCS Capital LLC, announced an agreement, subject to purchase the Cornhusker Hotel and Office Plaza in Lincoln, Neb.

Marcus Hotels will be the majority owner of a joint venture with a fund affiliate of LEM Capital of Philadelphia.

The Cornhusker Hotel acquisition is the first transaction sourced by MCS Capital, The Marcus Corp.'s new hotel investment business. Marcus Hotels & Resorts assumed management of the property as of Sept. 6. Terms of the transaction were not disclosed.

The Cornhusker Hotel, a Nebraska landmark, is a 297-room, full-service hotel with 45,600 square feet of meeting space located in downtown Lincoln. Upon completion of the transaction, Marcus Hotels plans to begin a multi-million dollar renovation and affiliate the property with Marriott International Inc. as the Cornhusker Marriott Hotel.

The Cornhusker Office Plaza is a seven-story building with a total of 85,592 square feet of net leasable office space that is nearly 90-percent occupied. The office building is connected to the hotel by a four-story atrium that will be used for local events and exhibits, and will feature the work of local artists.

"We are excited about this opportunity because the project will leverage Marcus Hotels' 50 years of experience in restoring landmark hotels and will be an excellent fit for our portfolio. We believe we can make this distinctive hotel an even greater asset to the community and return the property to its former position as the social center of Lincoln," said Gregory Marcus, president and chief executive officer of Milwaukee-based Marcus Corp. "The Cornhusker Hotel renovation is similar to several other premier downtown hotel restorations we have successfully completed, including The Pfister Hotel in Milwaukee, Wis., the Skirvin Hilton in Oklahoma City, Okla., and the Hotel Phillips in Kansas City, Mo."

Marcus said the company plans to renovate the hotel lobby, all guest rooms and suites, meeting space, restaurant and bars.

The company also today announced Charles Harper will be the Cornhusker Hotel's general manager responsible for overseeing hotel operations and management.
The transaction is expected to close in the next several weeks, assuming all closing conditions are satisfied.

With yet another major credit agency threatening to downgrade America's credit rating if Washington fails to resolve the nation's fiscal crisis by year's end, it's becoming clearer and clearer that Congress and the President need to act immediately.

Tailored Label Products Inc. of Menomonee Falls has acquired the label products division of Norcross, Ga.-based Stratix Corp.

Nashotah-based Dickten Masch Plastics (DMP), a thermoplastics and thermoset manufacturer with metal stamping and assembly capabilities, has acquired Nyloncraft Inc., a technical plastics manufacturer based in Mishawaka, Ind.

The Association of Fundraising Professionals (AFP) Southeastern Wisconsin Chapter has announced the recipients of its 2012 National Philanthropy Day Awards.

Milwaukee-based Northwestern Mutual Life Insurance Co. Inc. announced that the company's recruiting is up 13 percent, putting the company on pace to recruit more than 5,000 financial representatives in 2012.

BMO Harris Bank has announced it is donating $750,000 over three years to United Way of Greater Milwaukee to promote healthy birth outcomes and reduce the city's infant mortality rate.

First Business Bank-Milwaukee, part of First Business Financial Services Inc., has hired Bob Bell as vice president.

Brown Deer-based Bank Mutual is offering specials on its new money loans for small businesses in order to meet customers' changing business needs.

The U.S. economy added 96,000 jobs in August, fewer than the 125,000 gain forecast by economists and well below the 200,000 needed to keep pace with the population growth, according to the latest report by the U.S. Bureau of Labor Statistics.