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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. I keep wondering why I keep hearing about this problem of corporations leaving America, and I never hear a reasonable proposal to lower corporate tax rates and raise personal rates on income from capital gains and dividends, especially for high earners. It is just too simple of a solution for Congress to embrace?

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  3. is a disaster. SR37 already needs to be built to interstate standards between 465 and SR144. Southport Road is a mess each morning and evening.

  4. Bass Pro Shops would be good for the mall as well as a Giant Eagle Market District or a Jungle Jim's International Market Place grocery store like the one near Cincinnati Ohio.A Disney quest indoor theme park would be good.An Academy outdoor store would be good too.Indoor Circus shows and magic shows would be good as well. A casino with sports bar would be good.A Disney theater inside that shows movies and Broadway shows would work.Nashville Tennessee concert shops with indoor neon lights would be good.How about a theater that shows travel shows and theme parks. A train store would be good.How about a giant toy store with high tech video games.

  5. This development is in addition to Allpoints Midwest 5, Aitrtek, a recent FedEx and more in Plainfield. Greenwood and Brownsburg also have similar projects.

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