INDIANAPOLIS, April 27, 2020 /PRNewswire/ -- Thompson Thrift Retail Group (TTRG), a wholly owned company of Thompson Thrift, announced today that it has closed on the sale of the hotel pad at The Stations, a $60-million mixed-use development in the Indianapolis suburb of Fishers, Ind. The buyer, Indiana-based Dunn Hospitality, will spend $20 million to build a 145-room Courtyard by Marriott that it plans to open in the latter half of 2021.
The Courtyard will feature meeting space, expansive fitness facilities, an indoor pool, room service and a bistro bar offering sit-down meals throughout the day. The new hotel is expected to accommodate the expanding business and leisure travel needs of the rapidly growing Fishers suburb.
"The fundamentals of this area continue to be compelling for a wide variety of uses," said Eric Wojak, development director for Thompson Thrift. "Our adjacent mixed-use development, Fishers District, has quickly become a destination of choice for consumers, tenants and travelers seeking quality dining and retail options, walkable amenities and convenient access to the nearby interstate. Having a hotel for the business traveler located behind the future office building is a great fit for the project."
David Dunn, president and chief operating officer of Dunn Hospitality, stated, "We were well-positioned with funding in place that allowed us to move forward amid the current economic climate. We think our development timeline will enable us to build this project while the economy recovers and bring another award-winning hotel to market at an opportune time."
Later this year, TTRG expects to begin construction of a class-A, four-story office building with 60,000 square feet of demisable office space. The building will feature an expansive lobby with elevators, outdoor work areas on the top floor of the building, excellent visibility from 116th Street along with building and street signage opportunities. TTRG is also completing initial site work on the back portion of the property for Pulte Homes to develop 37 three-story townhomes.
With convenient access from I-69 and 116th Street, The Stations offers businesses and travelers a central location with proximity to Indiana's only Topgolf and IKEA, which together attract nearly 1.5 million visitors each year. The Stations is adjacent to Fishers District, a TTRG project with over 100,000 square feet of unique retail and dining options, 260 multifamily units and a 211-room dual-brand Hyatt Place/Hyatt House that was also developed by Dunn Hospitality.
"We are thrilled to be the exclusive hospitality partner for Thompson Thrift's Fishers projects," said Dunn. "We share their vision for creating high-performing destinations that offer world-class experiences for everyone that visits."
TTRG is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, the company has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive projects. The master planned Station and Fisher's District projects are reflective of a robust growth strategy focused on areas with impressive demographics and a demand for quality commercial options.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Phoenix and Charlotte, N.C. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.
About Dunn Hospitality Group
Dunn Hospitality Group was founded in 1978 by brothers John and Bob Dunn, and has evolved its business to include hotel development, operations and management. With an unrelenting focus on quality and a keen understanding of each respective market, Dunn Hospitality is known for creating high-performing properties that lead their respective asset class. The company has developed over 40 award-winning hotels, the majority with Hilton Family Hotels, Marriott Branded Hotels, Intercontinental Hotel Group and Hyatt Hotels with locations throughout Indiana, Kentucky and Illinois. For additional information about the company, please visit www.dunnhospitalitygroup.com.
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SOURCE Thompson Thrift