Ideas
Banking reforms must prevent another collapse
Editor’s note: Mary Miller, Under Secretary for Domestic Finance at the U.S. Department of the Treasury, recently provided an update about the status of federal banking reforms at the American Banker Regulatory Symposium in Arlington, Va. Her prepared remarks comprise the following Milwaukee Biz Blog.
Farewell to man’s best friend
Normally, the copy in this space is devoted to you, the readers of BizTimes. But this week, it's all about me.
Banking reforms must prevent another collapse
Mary Miller, Under Secretary for Domestic Finance at the U.S. Department of the Treasury, recently provided an update about the status of federal banking reforms at the American Banker Regulatory Symposium in Arlington, Va.
Marcus to acquire Nebraska hotel
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.
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.
Ohio bank to acquire Citizens Republic Bancorp
Citizens Republic Bancorp Inc., which has a strong market presence in Wisconsin, has signed a definitive agreement to be acquired by FirstMerit Corp. of Akron, Ohio.
BMO lays off employees in Cedarburg and Sun Prairie
BMO Harris Bank last week announced layoffs of 37 employees at its Mortgage Investment Management location at W57 N14280 Doerr Way in Cedarburg.
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Emerging companies to present at Early Stage Symposium
The producers of the Wisconsin Early Stage Symposium are looking for cutting-edge companies from Wisconsin and the upper Midwest to present to investors at the Nov. 13-14 conference at Madison's Monona Terrace Community and Convention Center.
Associated donates $10,000 to La Causa
Associated Bank has contributed $10,000 to La Causa Inc., a Milwaukee nonprofit that provides child care on the largely Hispanic south side.
Paddock named private market leader at U.S. Bank
Margaret Paddock has been named market leader of The Private Client Reserve at U.S. Bank in Milwaukee.
Industries for the Blind acquires Top Promotions
West Allis-based nonprofit Industries for the Blind Inc.-Milwaukee has acquired Middleton-based imprinted product provider Top Promotions.
