Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is expanding its partnership with Maryland-based Marriott International Inc. (Nasdaq: MAR). The companies have announced plans to open at least five new hotels at Simon shopping centers throughout the country over the next several years.
Simon currently has more than 15 Marriott-branded hotels located at its properties. Patrick Peterman, vice president of development and asset intensification at Simon, says combining the assets of each company creates a "great synergy."
"With consumers increasingly gravitating toward walkable, mixed-use communities, opening new hotels alongside Simon’s thriving retail destinations is an important part of Marriott International’s growth strategy in North America," said Eric Jacobs, chief development officer for Marriott. "Simon’s centers provide leisure and business travelers’ alike access to shopping, restaurants, entertainment and an array of unique experiences outside their door, providing the perfect complement for our select-service brands."
Simon says the following Marriott brand hotels are expected to open at Simon centers over the next few years:
- AC Hotel by Marriott Fort Lauderdale Sawgrass Mills/Sunrise
- AC Hotel by Marriott Miami Dadeland
- Courtyard® Marriott Wolfchase Galleria/Memphis
- Residence Inn Long Island Jericho
- Fairfield Inn & Suites Dallas Garland, Texas
Simon says the collaboration between the two companies will also help optimize real estate values.