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Texas firm buys water-park hotel on northwest side

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General Hotels Corp. has finalized the sale of the Caribbean Cove Hotel & Water Park, averting closure of the 344-room hotel on the northwest side of Indianapolis.

The buyer, Houston-based Allied Hospitality Inc., is “considering options with respect to rebranding and renovating the property,” General Hotels said in a statement issued Wednesday.

IBJ reported Aug. 11 that General Hotels had reached an agreement to sell the hotel, but would close the property if it couldn't close on the sale. Last month, General Hotels notified the Indiana Department of Workforce Development that, without a sale, the hotel would close Oct. 9.

The hotel’s 266 employees are expected to continue working under new ownership, Indianapolis-based General Hotels said in the statement.

The purchase price was not disclosed. Neither General Hotels nor Allied officials could be immediately reached for comment.

The facility at Interstate 465 and Michigan Road operated as Holiday Inn for more than 30 years. In 2004, General Hotels added the 50,000-square-foot water park to boost weekend occupancy.

But General Hotels said business slipped over the years after other water parks opened in French Lick and Shipshewana in Indiana as well as in Cincinnati and Columbus, Ohio. Earlier this year, the company dropped the Holiday Inn brand.

Allied Hospitality owns and operates a number of hotel and resort properties. In April, it bought Newark, Ohio-based Cherry Valley Lodge & CoCo Key Water Resort for $4.97 million, according to Columbus Business First.

Locally-based General Hotels operates 12 hotels with more than 1,800 total rooms. Its Indianapolis holdings include Crowne Plaza at Historic Union Station, Crowne Plaza at Indianapolis International Airport and Homewood Suites by Hilton at Keystone at the Crossing.

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  1. Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.

  2. Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.

  3. I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.

  4. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  5. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

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