Also, way back when, the preferred merger partner in SPG’s eyes was IHG. Aside from the IC brand, and maybe the Crowne Plaza (depending on your perspective), all of the other brands in the IHG chain were limited service mid tier brands (think Holiday Inn Express). They were pre-Kimpton at that point.

The idea was basically SPG could incorporate IC into the luxury part of the SPG program, develop a common point currency between the two, and then let the mid-tier IHG brands do their thing. Unfortunately IHG wanted no part of the deal... but at that point SPG had already sold the investors on the merger idea. So they had to look to other partners.