Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Downtown’s InterContinental Hotel is set to open next week, after several years of on-and-off construction on the historic downtown building it will call home.
The 170-room luxury property at the Illinois Building, 17 W. Market St., will allow arrivals starting Feb. 24.
Rates start at $287 ($273 for IHG One Rewards members) for a king room featuring a rainfall shower, stocked mini bar and convenient headboard controls for lighting and window shades. A one-bedroom luxury suite with city views starts at $737 a night ($700 for members) and includes a king bed, a living area, deep soaking tub and a rainfall shower as well as a wet bar and mini fridge.
Indianapolis-based Keystone Group spent $101 million to develop the hotel over the past six years, as it encountered challenges related to the COVID-19 pandemic and increased construction costs related to rehabilitating a historically significant property.
The InterContinental is expected to feature two restaurants, including a 200-seat rooftop restaurant and cocktail lounge known as the Astrea that will offer views of the Soldiers and Sailors Monument through a mix of indoor and outdoor seating.
The other restaurant, Serliana Cafe, will be on the second floor and offer smaller food portions and a more lounge-like environment. Longtime local chef Craig Baker was hired in 2024 to lead the kitchen as executive chef.
“Keystone Group continues to bring transformational development to downtown Indianapolis with its most recent luxury conversion, the InterContinental Indianapolis,” Alexandra Miller, a spokesperson or Keystone Group, said in a statement to IBJ. “Keystone celebrates its expert redevelopment of the historic Illinois Building into complete modern luxury while showcasing its rich heritage to elevate the Indianapolis experience for locals and visitors.”
Work on the hotel was originally set to start in late 2018, after the developer in late 2018 inked its deal with England-based InterContinental Hotels Group, or IHG.
However, the start was delayed as the company worked with the city to finalize its incentive package, which included tax-increment funding for both the then-$61 million hotel and an $80 million conversion of the AT&T building at 220 North Meridian St. to apartments. Keystone also sought a designation that would allow for the use of redevelopment investment tax credits for the project.
Together, the projects were originally expected to cost $141 million, with $16.7 million contributed by the city. But the price of renovating the Illinois Building jumped as Keystone has sought to deliver what it expects will be the city’s most high-end hotel—and as prices increased during the construction delays.
Most of the renovations to the property have taken place since 2022. Built in 1925, the building is one of several on or near Monument Circle designed by Rubush & Hunter, one of the city’s top architectural firms in the early 20th century. Other prominent buildings from the firm include the Columbia Club and the Circle Tower.
Indianapolis only has a handful of properties that are considered luxury class, the same category as the InterContinental brand. Those include the Ironworks and Bottleworks hotels from Hendricks Commercial Properties, the JW Marriott and the Conrad. When it is completed, the Signia by Hilton hotel at Pan Am Plaza will join their ranks.
The InterContinental brand was founded in 1946 and is generally considered the world’s first international luxury hotel brand—and among the swankiest. There are about 240 Intercontinental Hotels in more than 60 countries, but only 34 in North America. The nearest is in Chicago.
Please enable JavaScript to view this content.
I hope Keystone will keep the ball rolling with converting old office buildings to apartments (220N Meridian) & hotels (this project).
Robert, I agree with you. So cool to see historic buildings get reuse instead of being torn down.