Geoff Gannon November 19, 2020

Marcus (MCS): Per Share Value of the Hotel Assets

I’m revisiting Marcus (MCS) with an attempt to appraise the hotel side of the business. Andrew sent me some articles discussing property tax appraisal of Milwaukee hotels (including those owned by Marcus). I looked at some other property tax records. I looked at Penn State’s hotel value index. Andrew spoke with the CFO of Marcus. And I consulted a few other sources. My best guess is that the pre-COVID fair value of Marcus’s hotel assets was around the $235 million to $400 million range. On...

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