The one-two punch of the pandemic and protest-related violence raises questions about whether downtown can recover. Experts and community leaders say yes—but only with concerted effort and strong leadership.
A local hotelier expects to lose more than $20 million from declines in travel tied to the coronavirus pandemic, according to a lawsuit filed against its insurer earlier this month.
Experts say hotels of all sizes are under tremendous stress as revenue for many falls below the levels needed for debt payments.
Construction has been stalled on the planned 126-room hotel at the southeast corner of Main and 16th Streets since July 2019, while Indianapolis-based development firm Loftus Robinson LLC has tried to shore up financing.
Mario Rodriguez, executive director of the Indianapolis Airport Authority, said activity has dropped to as low as 5% of typical operations, with the the facility serving only 14 of its 53 destinations.
Evansville-based Dunn Hospitality Group is planning to build a $20 million Courtyard by Marriott near Interstate 69 and 116th Street in Fishers by the end of 2021.
The entire market saw a 68% drop in occupancy from the week of March 1-7 to the week of March 29-April 4, according to data from Tennessee-based hotel research firm STR.
State officials declined to provide details on specifically how the hotel is being used—including whether it is a treatment site for homeless individuals—to protect patient privacy.
MHG President Sanjay Patel has been through tough times in the hotel industry before—but nothing quite like this.
The 1,005-room JW Marriott Indianapolis and 650-room Indianapolis Marriott Downtown closed Monday after they stopped taking reservations late Sunday.
The owners of the city’s two largest hotels are considering closing them amid drastic decreases in business caused by the COVID-19 outbreak.
Combined, the events were expected to draw in upwards of $35 million in revenue for local businesses, including hotels and restaurants.
Nineteen hotel projects have been announced for downtown. If every one of them opens, they would add 4,203 more rooms to the central district of Indianapolis. But that’s not likely.
A Peachtree official said the company bought the land for the development opportunity and is now “evaluating our options to potentially build on the lot.”
A trio of hotels in downtown’s construction pipeline have stalled in recent months, raising questions about whether they will ultimately move forward.
Officials say no events have been canceled locally, but groups—including the NCAA and Visit Indy—are watching the news and weighing their options.
The Carmel City Council on Monday voted to have its four-person finance committee look into what led to $18.5 million in cost overruns on the Hotel Carmichael project. It rejected a proposal have the entire council involved in the review.
The cost of the 122-room, city-backed hotel has swelled to $58.5 million, up from $40 million when the Carmel City Council green-lighted it two years ago. Some councilors have called for an audit to dig into the details.
Atlanta-based Peachtree Hotel Group bought the Hampton Inn by Hilton at 105 S. Meridian St. and a 50-car parking lot at 102 S. Pennsylvania St.
Sun Development & Management Co. originally planned to open the Tapestry hotel in the 12-story Jackson Square building where Ike & Jonesy’s had been located. But Sun now has plans to put a different brand in the building, with work starting within several months, and build the Tapestry across the street.
