The hotel would be 34 stories, up from 29, and the entire project - which includes three other hotels - would cost $425 million, up from $350 million. The redesigned facade will be made up of multicolored glass panels, said Mike Wells, president of Indianapolis-based REI Investments.
"We decided we really needed to make it spectacular, a destination on its own," Wells said.
The city and developers have been negotiating over the details for months and expect to have a final deal in place by tomorrow. The Metropolitan Development Commission gave permission today for the deal to be signed. Construction is slated to begin by June 2008.
This story will be updated, and an image will be posted at IBJ.com. To discuss the project, visit Property Lines.