Woodard sells Canterbury Hotel to Ohio firm

Back to TopCommentsE-mailPrintBookmark and Share

Local businessman Turner Woodard announced Tuesday that he has sold the upscale Canterbury Hotel at 123 S. Illinois St. in downtown Indianapolis.

Terms of the deal with Columbus, Ohio-based RockBridge Capital LLC, a hotel investment firm, were not disclosed. The 12-story, 99-room Canterbury ranks eighth in the latest IBJ listing of the city’s most expensive hotels in terms of room rates. Nightly room rates range from $179 to $699.

Turner, who owns the Stutz Business Center, purchased the Canterbury in 2010 from the Fortunato family of suburban Chicago.

“The Canterbury is a special place in the city of Indianapolis and always has been,” Woodard said in a prepared statement. “We are proud of the many improvements we’ve been able to make at the Canterbury over the last several years to re-energize the spirit and appreciation for the hotel.”

The hotel had struggled in the years prior to Woodard’s ownership as upscale rivals such as the Conrad Indianapolis, which opened in 2006, had become more attractive to visitors.

In 2009, The Restaurant at the Canterbury Hotel stopped serving lunch, after sales declined about 15 percent from the previous year. Woodard renamed the restaurant Turner’s and again began offering lunch.

Woodard has a history of turning around older commercial properties, including the Stutz Motorcar Co. building at 100 N. Capitol Ave., which he bought in 1993, and the Ideal Motor Car Co. building at 217 W. 10th St., which he bought in 2001. Both are part of the Stutz Business Center, which was 95-percent occupied as of August 2011.

Since 1992, Rockbridge has invested nearly $3 billion in hotels across the country, according to its website.

“I am hopeful that by passing the torch to RockBridge, our family’s vision will be fulfilled a bit more quickly, benefiting our vibrant Indianapolis downtown market,” Woodard said.


Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
thisissue1-092914.jpg 092914

Subscribe to IBJ