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Downtown’s newest hotel is expected to open in late February, following an extensive off-and-on renovation of a historic former office building near Monument Circle.
Aloft Indianapolis is set to open at the former Stockyards Bank & Trust Building, 136 E. Market St., by Feb. 21. Ryan Niketh, general manager for the hotel through Chicago-based management firm Scarlett Hotel Group, said most all the work on the project has been completed.
“Right now, the construction crew is buttoning up and doing their final punch list items, with details and such, so right now we’re targeting late February,” said Niketh, who further clarified that the opening is expected sometime between Feb. 14 to 21.
IBJ first reported on plans for the project in August 2018, when Columbus, Indiana-based firm Everwood Hospitality Partners said it would spend $15 million to transform the vacant 133-year-old property into a 128-room hotel. In addition, Everwood spent $5 million to acquire the structure.
After 6-plus years of work, it’s unclear how much ended up being spent on the project. A final investment cost was not immediately available.
The new hotel, part of Marriott Hotels & Resorts’ Aloft brand, is expected to offer bold design elements, bright colors, rooms with 9-foot ceilings and aesthetics modeled after loft apartments in New York City’s SoHo district. The hotel will be pet-friendly, but bringing animals will incur a fee. Children can take advantage of Camp Aloft, a program that offers a small tent and a blow-up mattress, as well as some camping-themed toys.
The property features several common areas, Niketh said. The music-inspired WXYZ bar will offer craft cocktails and small plate items, as well as showcase local artists every week. A former bank vault has been converted into a lounge space, and the lobby will have billiard tables and board games for guests.
The hotel will also have a 12th-floor boardroom and other small event areas, as well as co-working space. Valet parking service will run $52 per night, or guests can park in other nearby garages for the posted fees.
The project initially was expected to be complete by the third quarter of 2019, but historic elements of the structure, along with the pandemic and rising construction costs, delayed work on the development. The project included a complete overhaul of the property’s interior that “went down to the studs,” said Niketh, who joined the project one year ago.
“The building was constructed in 1892, so as they have been circumnavigating through this construction project, various things have popped up that have taken additional time, outside of what was expected originally when the project was started,” he said. “Even since I’ve been on, there have been various building-related items had to be brought up to code to get compliant with the city … that have taken additional time that was unforeseen at the conceptualization of the project.”
Early in its history, the structure was known as the Law Building and featured a law library on its top floor. The building was designed by Louis H. Gibson, who also was known as a prolific architect of homes in the Herron-Morton and Old Northside neighborhoods.
Peoples Bank & Trust Co. bought the building in 1920 and remodeled the brick façade in the 1970s, according to the Monument Circle District Preservation Plan.
Stock Yards Bank & Trust subsequently took up residence in the building. Peoples was acquired by Fifth Third Bank in 1999.
Niketh said he is confident the Aloft will be able to compete with other downtown hotels, particularly those that match its typical nightly room rate of $169 to $199. The rates will increase during busy weekends and on peak travel days.
He said while being open for major events in 2024 would have been helpful, he doesn’t believe the property will be hurting for business given the busy sports and convention slate in 2025. With the addition of the Aloft, as well as the InterContinental that’s also set to open soon three blocks to the west, downtown Indianapolis will have more than 7,500 hotel rooms.
“The next generation of travelers are looking for something that’s more experiential, something that’s different, that has more unique vibes, if you will,” Niketh said. “That’s really where Aloft is leveraging—that next generation of travelers … [wanting] more for experience than just a place to lay their head and sleep. That’s why I think it’s going to be a nice addition to the city, because there’s not a lot of that right now in the market.”
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Nice job! I know that the construction team had to deal with a lot of issues that were out of their control. Good work on getting this done!
What’s the status of the Motto Hotel at Meridian & Washington no construction activity unfortunately.