MERRILLVILLE, Ind., June 7, 2016 /PRNewswire/ -- Indianapolis' second-largest hotel is under contract to be reacquired by its original developer, allowing for a unique opportunity to the growing convention city.
Affiliates of White Lodging Services Corporation and REI Investments plan on purchasing the Indianapolis Marriott Downtown and anticipate the transaction will close early in the third quarter of 2016.
"This acquisition is a reaffirmation of White Lodging and REI's commitment to continue making strategic investments that will strengthen and support Indianapolis's reputation as a leading convention and sports destination today and into the future," said Bruce White, White Lodging's founder.
White Lodging will strengthen the property's already dominant position within the market even further through a complete modernization and renovation of all guestrooms, suites, meeting space, lobby and food and beverage outlets. The renovation is scheduled to begin early first quarter of 2017.
"The purchase of this hotel is our way of going all in with Indianapolis," said Dave Sibley, president & CEO of the company's management division. "Marriott Place, which includes the JW Marriott Indianapolis, the Indianapolis Marriott Downtown, and the Fairfield Inn & Suites, Courtyard and SpringHill Suites Downtown, continues to be one of the city's greatest assets to meeting planners with more than 2,000 rooms and 143,000 square feet of meeting space connected to the Indiana Convention Center. We're committed to Indianapolis for the long term; we don't want this value proposition to meeting planners to change."
Connected to the Indiana Convention Center, the Indianapolis Marriott Downtown was originally developed by White Lodging, REI Investments and Kite Companies and opened in February 2001. The 622-room hotel offers dining at Circle City Bar and Grille as well as Champions Sports Bar & Grill, and convenient coffee at Starbucks. Business travelers can stay productive with Wi-Fi access, a full-service business center and easy access via Skywalk to the Indiana Convention Center.
The NCAA Hall of Champions, White River State Park, Lucas Oil Stadium, Eli Lily's world headquarters and more are located within just a few minutes of the hotel.
White Lodging Services Corporation was established in 1985 and is headquartered in Merrillville, IN. White Lodging is a fully integrated hotel ownership, development and operations company focused on developing and operating premium-branded hotels in growing urban markets across the United States. The company is a recognized leader that has defined and cultivated the ability to achieve consistent, sustainable growth among mid- to large-scale hotels. White Lodging has developed over 125 premium branded hotels over the last 25 years and its current managed portfolio consists of 165 hotels in 19 states including representation of the following leading brands: Marriott International, Inc., Hilton Worldwide, Hyatt Global, Starwood Hotels and Resorts, Preferred Hotels & Resorts and InterContinental Hotel Group.
REI Real Estate Services – was established in 1994. Headquartered in Carmel, Ind., the company has developed well over $1 billion worth of hotels, office buildings and apartments in Indianapolis and throughout the country. REI Real Estate Services provides a full range of real estate services to local, regional and national clients, seeking to build long-term relationships which build value for all parties involved.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/indianapolis-marriott-downtown-purchase-allows-white-lodging-to-deliver-advantages-both-to-guests-and-the-city-300280948.html
SOURCE White Lodging