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Big Moves!! Already seeing demo taking place on the Pan Am Building, very exciting!
What could possibly go wrong?
Lots of eyebrow raising materials in here.
– 77% occupancy is high – higher than pre-pandemic downtown Indy hotel occupancy of 71% in 2019.
– 44 years to pay off bonds? That’s insane?
– Kite getting to collect millions for taking on no risk.
Nothing is unusual or insane here. This is business as usual for a project of this size and scope. Atlanta has a Signia brand opening shortly and Orlando is on pace to opening there’s as well. Indy is the only other city in the nation at this time to have this new brand by Hilton and that says a lot for the city. NYC based LW Hospitality already done the research and concluded that the first year the hotel will be at 67% but by the end of year five it will be at 77%. Taking 44yrs to pay the bonds back isn’t insane considering homes are on 30yr fixed rates at nowhere near the cost of this hotel. In the end the city had no choice but to move forward or lose its most lucrative and largest conventions and not to mention the new events that only agreed to sign to Indy unless this project gets built. It’s a no brainer and cities like Louisville and Nashville are constantly trying to lure events away from Indy.
What’s the status of the other two hotel renovations on Washington Street. No activity for months on both these projects. Hopefully they will start soon.
+1 Robert – a follow up article to the two stalled projects would be great
Hi Robert,
I’m continuing to try and find out information about these projects—and others across downtown—and hope to have an update on those soon.