US: Hilton is to open a 102-unit Home2 Suites property at 115 N. Pennsylvania Street in downtown Indianapolis.
The property is scheduled to be built in the annex of the Consolidated Building, which is at the rear of the vacant 15-storey structure.
TWG Development LLC and Ambrose Property Group are investing $16 million to develop 98 rental apartments, in the main building. The serviced apartment section is a $15 million joint venture between Michigan-based HRC Hotels LLC and Good Hospitality Services LLC.
HRC and Good Hospitality already own and operate two nearby Homewood Suites properties (another Hilton extended stay brand) as well as a Courtyard by Marriott on the north-west side of the city. Good Hospitality will construct, develop and manage the new property while HRC Hotels will own it. The Home2 Suites by Hilton will be the 22nd hotel in HRC’s portfolio.
HRC and Good Hospitality president Jeff Good, said: “There are not a lot of hotels on that side of downtown. We think that’s a natural growth area.”
Construction will start in january 2015 with completion expected in Q1 2016.
Home2 Suites by Hilton has around 40 locations across the US.
‘It’s a very millennial-type product,” Good said. “It’s pretty hip and humble; it’s a contemporary-type look.”
Dennis Dye, a TWG principal, said: “Jeff and his team have built an excellent operating platform and know the Indianapolis market, as demonstrated by their Homewood Suites facility on South Meridian. Having the hotel activity coupled with an additional 98 apartments is just what is needed for this segment of the city.”
www.hrchotels.com
home2suites3.hilton.com/en/
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