HRI Properties Announces Financial Closing Joint Hyatt Place and Hyatt House Development Project in Downtown Indianapolis
Construction of the dual-branded hotel development and public parking garage is proceeding
NEW ORLEANS – October 11, 2017 – HRI Properties announced today that they have financially closed and started construction on a dual-branded Hyatt Place and Hyatt House development to be located in the Wholesale District in Indianapolis, directly across from the main entrance to Bankers Life Fieldhouse. Construction on the properties began in September 2017, with a targeted opening date in second quarter 2019. HRI Lodging, an affiliate of HRI Properties, will manage the properties under franchise agreements from a Hyatt affiliate of Hyatt Hotels Corporation.
The dual-branded hotel development will represent a prominent landmark within central downtown and creates an experience that enables guests to enjoy the benefits of both brands in one location. The new construction will consist of a 186-room Hyatt Place hotel and a 130-room Hyatt House hotel with amenities including valet parking, over 6,000 square feet of flexible meeting and event space, rooftop swimming and fitness facilities, a second-floor indoor/outdoor lobby bar that overlooks Pennsylvania Street, and over 13,000 square feet of ground floor retail space available for rent to third party tenants. The overall development will also include construction of a 382-space parking garage adjacent to serve both guests and the general public.
The new Hyatt Place hotel will bring the brand’s intuitive design, casual atmosphere, and practical amenities, including free Wi-Fi and complimentary breakfast, valued by business travelers, to the Indianapolis area. Spacious guestrooms allow guests to unwind in separate sleeping and living areas. Hyatt House hotels provide guests with the spaces and places that help make them feel more like residents – featuring contemporary, residentially inspired studios, one and two-bedroom kitchen suites and den guestrooms, the Hyatt House hotel will boast unexpected amenities and services, including indoor and outdoor social spaces.
The hotels will be located in downtown Indianapolis’ historic Wholesale District at the corner of South Pennsylvania Street and East Georgia Street, facing the main entrance of Bankers Life Fieldhouse, home of the Indiana Pacers. Georgia Street’s three-block street and pedestrian walkway, located immediately adjacent to the property, connects the Indiana Convention Center, Bankers Life Fieldhouse, Circle Center mall, a collection of restaurants, and other attractions. The street regularly converts into a pedestrian mall, hosting summer concerts, New Year’s Eve parties, and game day events.
“We are thrilled to be officially moving forward with this momentous project,” said A. Thomas Leonhard, President and CEO of HRI Properties. “The combination of Hyatt Place and Hyatt House hotels located directly across the street from the Bankers Life Fieldhouse will create another vibrant anchor to the Wholesale District in Indianapolis. We see great synergies between the Fieldhouse and our project.”
This significant mixed-use project includes construction financing from Wells Fargo Bank, N.A and Tax Increment Bonds issued by the City of Indianapolis which were purchased by Regions Bank, N.A. The project team includes Wilhelm Construction Company as the project’s contractor, RATIO Architects as the architect of record, and Getty’s One as the interior designer.
For more information about Hyatt Place and Hyatt House hotels, please visit hyatt.com/whysettle.
About Hyatt Place
Hyatt Place, a brand of Hyatt Hotels Corporation, combines style, innovation and 24/7 convenience to create a seamless stay with modern comforts. There are more than 285 Hyatt Place locations in Armenia, Brazil, Canada, Chile, China, Costa Rica, Honduras, India, Mexico, Morocco, Nicaragua, Panama, Puerto Rico, Thailand, The Netherlands, United Arab Emirates, United Kingdom, and the United States. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.
About Hyatt House
Hyatt House, a brand of Hyatt Hotels Corporation, launched in 2012 and offers more than 75 locations throughout the United States, China, Mexico, and Puerto Rico. Inspired by extensive research into guest experiences, Hyatt House hotels offer services, amenities, upscale spaces and a casual, comfortable environment that reminds guests of home. Join the conversation on Facebook, and tag photos with #HyattHouse and #WhySettle.
About HRI Properties
HRI Properties, LLC (“HRIP”) is an internally managed, fully integrated owner, operator and developer of premium branded hotels and upscale apartments in top urban U.S. markets. Since 1982, HRIP and its predecessor have completed more than 80 projects involving more than $2.5 billion of total invested capital, which include over 5,000 apartment units, over 5,000 hotel rooms, and more than 1.4 million square feet of office and retail space. HRI Lodging, a wholly owned subsidiary of HRIP, provides hotel management services for both HRIP owned and third-party property owners. HRI Lodging operates 25 hotels, with one more property currently under construction, and is an approved operator for premium branded and independent hotels. HRIP is a full-service real estate development company, with in-house architectural design and construction management capabilities, and is a national leader in the adaptive reuse of historic structures. As the urbanization trend in the U.S. continues, we are committed to developing, acquiring and managing high quality real estate located within “walkable” urban neighborhoods where people want to live, work and play. For more information, please visit our website at www.hriproperties.com
Published October 12, 2017
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