Indianapolis Motor Speedway Hotel project to get new developer

The Indianapolis Motor Speedway Hotel project, a project that has faced several hurdles is set to get a new developer. The Alpharetta-based Hotel Equities Group is undertaking due diligence on the half-completed 127-room Wilshaw hotel project at the southeast corner of 16th and Main streets. Over the following several months, it intends to take over development rights and negotiate updated agreements with current partners and the municipality of Speedway. Hotel Equities intends to publicly recognize the projected takeover at Monday night’s Speedway Town Council meeting. The amount invested by the corporation and the circumstances of the project’s transfer from existing developer Loftus Robinson has not yet been published.

The municipality of Speedway is exploring legal action against Loftus Robinson, which signed a development agreement for the hotel in 2016 but suspended the building in mid-2019. The hotel was supposed to open in 2020. Hotel Equities is set to take over the construction and operation of the Hilton Tapestry-branded hotel but will keep the original five-story architecture. Some of the present project partners will be kept as well. Loftus Robinson lacks the firm’s experience in hotel development.

It operates 210 hotels in the United States and Canada, including ten in Indiana, under the Marriott, Hilton, and IHG brands. Loftus Robinson, on the other hand, had only constructed one hotel before coming on with the Wilshaw.

“We now manage profitable hotel properties in Indianapolis, and we are thrilled to collaborate with the Town of Speedway.” Our development services and best-in-class operations teams are excited to see this landmark project come to life and become a community beacon. In written remarks, Joe Reardon, chief development officer of Property Equities, stated, “We couldn’t be more delighted to engage with all project partners in the market to bring this hotel to reality.”

Source: Construction Review Online

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