Miller Global, which will have certain exclusive rights to develop and own the resorts in specified geographic areas, will seed an investment fund that will initially provide $300 million of dedicated development equity capital. "That is the initial seed money," explains a Marriott spokesman. "As we go forward and additional locations are identified there will be additional investments possible over time," he tells GlobeSt.com.
Marriott will manage all of the Nickelodeon Resorts by Marriott properties. A unit of Viacom International's MTV Networks, Nickelodeon is providing its brand and entertainment -- specifically its kid-friendly content -- to the deal.
As an example of the trio's plans, a signature feature in all of the resorts will be live entertainment programs featuring such costumed Nickelodeon characters as Dora the Explorer and SpongeBob SquarePants.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
