By Adriana Pop, Associate Editor; Courtesy of Commercial Property Executive
General Hotels Corp. is planning a major renovation of the Crowne Plaza Hotel in downtown Indianapolis. According to Inside Indiana Business, the $8 million project will include extensive upgrades to the hotel’s 273 guest rooms, as well as improvements to the meeting space and food and beverage areas.
In order to ensure minimal impact to hotel guests, the renovation will be conducted in phases. It is scheduled to begin during the first quarter of 2013 and be completed by October.
“The hotel’s historical, architectural charm and proximity to downtown’s entertainment districts, sporting venues and attractions, combined with newly renovated state-of-the art comfort will offer planners and visitors an exclusive meeting / lodging experience distinctly set apart from other area hotels,” said Jim Dora, Jr., General Hotels Corp. president and CEO.
Owned by B&D Associates LP, the Crowne Plaza Hotel Indianapolis Downtown Union Station is best known for its 26 authentic Pullman train car sleeper rooms. It opened in 1986 under the Holiday Inn brand before becoming a Crowne Plaza. The property is now the 14th largest hotel in the Indianapolis area in terms of number of guest rooms.
In regional news, Kite Realty Group Trust has closed on an $18.4 million construction loan for its Rangeline Crossing redevelopment in Carmel. The construction loan has been financed by Associated Bank and has a two-year term with an option to extend for another three years.
The 84,000 square feet retail center is approximately 90 percent pre-leased or committed and will be anchored by Earth Fare. Other tenants include Walgreens, Old National Bank, Panera Bread, and Verizon Wireless.
“We are pleased to obtain financing for another outstanding re-development opportunity in the Indianapolis area,” said John A. Kite, the company’s Chairman and CEO. “We are seeing significant demand from high-quality tenants for this project.”
Construction on the first phase of the project is already under way, with completion scheduled for the fourth quarter of 2012.
