New Canterbury owner begins renovating upscale hotel
Once the work is finished in about nine months, the Canterbury, which will be rebranded as a Le Meridien, should be able to better compete with other upscale downtown hotels, a consultant said.
Once the work is finished in about nine months, the Canterbury, which will be rebranded as a Le Meridien, should be able to better compete with other upscale downtown hotels, a consultant said.
The historic downtown hotel’s new owner says the $9.5 million revamp and affiliation with an international brand are needed to compete with new high-end hotels in the Indy area.
Local businessman Turner Woodard had owned the upscale downtown hotel since 2010. Terms of the deal with Columbus, Ohio-based RockBridge Capital LLC, a hotel investment firm, were not disclosed.
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The Indianapolis hotel market is poised to record a 10.8-percent increase in revenue per available room in 2012, according to projections from PKF Consulting. The city's hosting of the Super Bowl gave the market a huge, early lift.
Turner Woodard has purchased the historic Canterbury Hotel on South Illinois Street. He said the hotel fits his vision of
turning around properties and making them profitable.
The stately 12-story Canterbury Hotel could use a renovation, hospitality analysts say, to restore some luster and help it
take on more modern competitors. Such an overhaul might be on the way, along with new owners for the independent boutique
hotel at 123 S. Illinois St.