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The $58.5 million Hotel Carmichael opened in August in Carmel City Center after more than 20 years of planning.
Carmel Mayor Jim Brainard, the Carmel City Council and the city’s Redevelopment Commission first envisioned building a boutique hotel in the affluent Indianapolis suburb’s reimagined downtown in the 1990s.
But it wasn’t until 2018 that workers started construction on the six-story, 122-room hotel, after the city entered into a public-private partnership
with Carmel-based Pedcor Cos.
The 110,000-square-foot hotel is between the Monon Trail and Veterans Way, just south of City Center Drive.
City officials point to the tight labor market and global volatility in construction material costs for the hotel’s price tag swelling from $40 million in 2017 to $58.5 million two years later.
The cost overruns spurred the Carmel City Council to conduct an internal review, but it has yet to issue
any recommendations.
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