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CHARLOTTE — Simon Property Group, owner of SouthPark mall, has acquired a nearby hotel for $42 million.
The Indianapolis-based real estate investment trust purchased Hampton Inn & Suites at Phillips Place from a limited liability company listed as Phillips Place Hotel Investors. The deal closed March 31, according to Mecklenburg County real estate records.
The previous owner bought the 0.72-acre site at Phillips Place in 1996. The 124-room Hampton Inn & Suites was built in 1997 and renovated in 2012.
(VIDEO: Developer pitches mixed-use community for SouthPark condo site)
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