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Simon Opens Hotel at Southdale Center, Boosts Redevelopment
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Retail REIT Simon Property Group, Inc. (SPG - Free Report) is making every effort to enhance the value of its properties. Recently, the company, along with Noble Investment Group, announced the inauguration of the Homewood Suites by Hilton Edina Minneapolis. The hotel is part of Southdale Center's mixed-use development.
The addition of this hotel to the Southdale Center's mixed-use development is a strategic fit. Recognized as the "Top Extended Stay Hotel" by JD Power and Associates, The Homewood Suites brand has expanded its presence at a rapid pace to around 450 locations in the United States, Canada, and Mexico. It is likely to experience decent demand from both business and leisure travelers.
This is because several employers like Best Buy (BBY - Free Report) , Dairy Queen, United Health (UNH - Free Report) , General Mills (GIS - Free Report) and Regis Corporation (RGS - Free Report) have their corporate headquarters nearby. Moreover, reputed hospitals like Methodist Hospital and Fairview Hospital are situated around the same area. Also, downtown Minneapolis and the Minneapolis-St. Paul International Airport is less than ten miles away.
At a time when online retailing is curbing market share of store-based retailers and retail REITs are facing shrinking footfall, as well as alarmingly rising store closures and retailer bankruptcies, Simon Property is investing billions to transform its properties aimed at creating multi-use destination to drive footfall at the company’s properties. The company’s transformational plan includes addition of hotels, restaurants, residences and luxury stores.
In fact, Simon Property is making several additions to the Southdale Center in Edina and Homewood Suites by Hilton Edina Minneapolis happens to be one among these. Earlier, the company opened One Southdale Place, which is a 232-unit luxury apartment development. Home furnishing retailer RH is slated to open next year while Shake Shack will debut this fall.
Moreover, a three-story, Life Time athletic resort will come up at the redeveloped space. It would include rooftop pools and beach club, in addition to the broad spectrum of healthy living, and entertainment amenities.
Ultimately, the aim of retail REITs, including Simon Property, is to transform retail shopping centers in such a way that the spaces appear as a one-stop destination where people can not only shop, live and work, but also entertain, socialize and exercise, and even visit doctors or relax at the spa. Eventually, such measures will likely help boost traffic and drive sales.
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Simon Opens Hotel at Southdale Center, Boosts Redevelopment
Retail REIT Simon Property Group, Inc. (SPG - Free Report) is making every effort to enhance the value of its properties. Recently, the company, along with Noble Investment Group, announced the inauguration of the Homewood Suites by Hilton Edina Minneapolis. The hotel is part of Southdale Center's mixed-use development.
The addition of this hotel to the Southdale Center's mixed-use development is a strategic fit. Recognized as the "Top Extended Stay Hotel" by JD Power and Associates, The Homewood Suites brand has expanded its presence at a rapid pace to around 450 locations in the United States, Canada, and Mexico. It is likely to experience decent demand from both business and leisure travelers.
This is because several employers like Best Buy (BBY - Free Report) , Dairy Queen, United Health (UNH - Free Report) , General Mills (GIS - Free Report) and Regis Corporation (RGS - Free Report) have their corporate headquarters nearby. Moreover, reputed hospitals like Methodist Hospital and Fairview Hospital are situated around the same area. Also, downtown Minneapolis and the Minneapolis-St. Paul International Airport is less than ten miles away.
At a time when online retailing is curbing market share of store-based retailers and retail REITs are facing shrinking footfall, as well as alarmingly rising store closures and retailer bankruptcies, Simon Property is investing billions to transform its properties aimed at creating multi-use destination to drive footfall at the company’s properties. The company’s transformational plan includes addition of hotels, restaurants, residences and luxury stores.
In fact, Simon Property is making several additions to the Southdale Center in Edina and Homewood Suites by Hilton Edina Minneapolis happens to be one among these. Earlier, the company opened One Southdale Place, which is a 232-unit luxury apartment development. Home furnishing retailer RH is slated to open next year while Shake Shack will debut this fall.
Moreover, a three-story, Life Time athletic resort will come up at the redeveloped space. It would include rooftop pools and beach club, in addition to the broad spectrum of healthy living, and entertainment amenities.
Ultimately, the aim of retail REITs, including Simon Property, is to transform retail shopping centers in such a way that the spaces appear as a one-stop destination where people can not only shop, live and work, but also entertain, socialize and exercise, and even visit doctors or relax at the spa. Eventually, such measures will likely help boost traffic and drive sales.
Simon Property currently has a Zacks Rank #3 (Hold). The company’s shares have appreciated 9.7% in the past three months against the industry’s decline of 3.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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