Investor buys vacant Castleton-area hotel

January 28, 2010
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A vacant former Country Inn & Suites along Interstate 69 just north of I-465 is getting a new owner with plans to reopen the 85-room property in the Spring. The original owners of the hotel, built in 2001 at 7960 N. Shadeland Ave., lost their national flag last year and briefly operated the property as Castleton Inn & Suites before defaulting on a loan from Wachovia Bank, which is now part of Wells Fargo. NAI Olympia Partners principal Mark Figg, acting as receiver for the property, said he put the hotel under contract with a California investor after a bidding war. He would not name the buyer. The hotel had an asking price of $2.5 million, half the estimated replacement value of $5 million. It sits behind a Lowe's Home Improvement store, just a few blocks south of a new Drury Inn & Suites at 8180 N. Shadeland Ave.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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