Simon pays $42 million for a Phillips Place hotel near its SouthPark mall property
Simon Property Group paid $42 million for a hotel near its SouthPark mall in Charlotte.
Simon, based in Indianapolis, purchased Hampton Inn & Suites at Phillips Place from Phillips Place Hotel Investors, Mecklenburg County property deeds filed March 29 show.
The 124-room hotel is steps away from SouthPark mall. Simon also is the owner of Concord Mills and Charlotte Premium Outlets in Charlotte’s Steele Creek area.
The hotel, built in the late 1990s, was renovated in 2012.
Charlotte Business Journal first reported the sale.
In 2003, Simon began adding hotels to its retail properties and now owns nine hotels in Georgia, Florida, Minnesota, New York and Texas, according to the company’s website.
Simon did not immediately respond to a request for comment Wednesday.
About Phillips Place
Developer Lincoln Harris plans to build a 10-story tower in Phillips Place Shopping Center. Charlotte City Council approved plans for the 3.5-acre site last April. Regal Phillips Place movie theater closed in October.
The center has added several retailers including women’s designer shoe Marmi, luxury sports and apparel brand Peter Millar and restaurants Bonterra Dining & Wine Room and Limani.
The project also includes a 250,000-square-foot office building with an additional 20,000 square feet of retail space.
Opened in 1997, Phillips Place is a European village-style center featuring retail, residential and entertainment.
Reporter Gordon Rago contributed to this report.
