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HRI Properties Announces Financial Closing On Hyatt Place And Hyatt House In Downtown Indianapolis

Thursday, October 12, 2017
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HRI Properties
HRI Properties
Real Estate Development Company

INDIANAPOLIS––HRI Properties announced today that they have financially closed and started construction on the dual-branded Hyatt Place and Hyatt House hotel located in the Wholesale District in Indianapolis, directly across from the main entrance to Bankers Life Fieldhouse. Construction on the property began in September 2017, with a targeted opening date in second quarter 2019. HRI Lodging, an affiliate of HRI Properties, will manage the property under franchise agreements from Hyatt Hotels Corporation.

The dual-branded hotel 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 consists of a 186-room Hyatt Place Hotel and a 130-room Hyatt House Hotel with amenities including valet parking, over 6,000 SF 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 hotel is 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 regular converts into a pedestrian mall, hosting summer concerts, New Year’s Eve parties, and game day events.

Hyatt Place brings the brand’s intuitive design, casual atmosphere, and practical services. Amenities include free Wi-Fi and complimentary breakfast, valued by business travelers, while providing open areas and a variety of seating where guests can unwind and connect with others. Spacious guestrooms allow guests to relax in separate sleeping and living areas. Hyatt House provides 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, Hyatt House boasts unexpected amenities and services, including indoor and outdoor social spaces.

“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 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.


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