Marriott and Nickelodeon launch resorts |
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Thu, 31 May 2007 21:23
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NEW YORK (AP) - Hotel chain Marriott International Inc. and Viacom Inc.'s children's entertainment brand Nickelodeon said Thursday they will partner to launch a new hotel resort brand geared to families and business travelers with children.The 'Nickelodeon Resorts by Marriott' properties will be managed by Marriott. The companies expect 20 potential hotels to be under construction by 2020.The venture's third partner, Miller Global Properties LLC, will have some exclusive rights to develop and own the resorts in certain geographic areas. Miller Global plans to seed an investment fund to provide an initial $300 million of development equity capital.The first 'Nickelodeon Resorts by Marriott' property is planned at Liberty Station in San Diego. It is expected to be a 650-room resort with a 100,000 square-foot water park.Designed by the architectural firm Gensler, the resort is expected to break ground in January 2008 and open in early 2010.Other potential resort locations include U.S., Caribbean and Mexican resort areas, as well as Great Britain and Europe, Asia, Australia and the Middle East.Marriott Chairman and Chief Executive J.W. 'Bill' Marriott Jr. said the resorts will attract younger adults and business travelers, particularly those accompanied by their families.In afternoon trading, shares of Marriott, which is based in Bethesda, Md., gained 73 cents to $46.04 and New York-based Viacom rose 47 cents to $45.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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