$40M hotel project planned for historic building on Monument Circle

Circle Tower at 55 Monument Circle. (IBJ photo)

A pair of Indiana-based developers plan to convert a portion of a historic building on Monument Circle into a hotel.

Holladay Property Services Midwest Inc., an affiliate of Holladay Properties, and Fishers-based Dora Hospitality expect to spend $40 million to covert the Circle Tower building at 55 Monument Circle into an AC by Marriott hotel.

According to filings with the Metropolitan Development Commission, which is scheduled to consider a tax abatement for the project at its meeting next week, the redevelopment of the art deco-style building would convert floors four through 14 into a 175-room hotel, with the first three floors remaining retail and office space.

The building will feature a jump lobby—a check-in area that’s not on the first floor of the building—and a rooftop terrace on the 11th floor overlooking Monument Circle and the Soldiers and Sailors Monument, the filings state.

“This redevelopment is about more than restoring a historic building—it’s about reinvigorating Monument Circle as a place for people to connect, stay, and experience the best of Indianapolis,” Jordan Corbin, vice president of development at Holladay Properties, said in a written statement. “We’re proud to contribute to the continued vitality of downtown and to create a destination that reflects both the city’s heritage and its future.”

Holladay is seeking a 10-year real property abatement at a flat 80% rate, according to the filings. It expects the project to create 45 full-time jobs at a minimum of $20 per hour.

The developer is also working on another downtown project that has already received city incentives. Holladay is spending about $40 million to convert the office building at 130 E. Washington St. into a cluster of 180 apartments—22 of which would be for individuals and families earning up to 60% of the area’s median income. The rest would be have rents in line with the downtown market standard.

The plan to convert a large portion of Circle Tower comes nearly two years after a foreclosure suit was brought against the building’s owner. 

In that case, filed in August 2023, Merrillville-based Centier Bank alleged a holding company for co-working group Expansive had fallen behind on payments on a $13.5 million loan. Centier took possession of the building in January and the receiver for the property was discharged in April, according to court filings.

Expansive bought the 111,000-square-foot building in January 2017 from Indianapolis-based Ambrose Property Group at a price of $11.65 million, with plans to renovate part of the building to offer as co-working space in the structure.

The Indianapolis architectural firm Rubush & Hunter designed the office and retail building—known for its Egyptian-inspired design details and ornate lobby with marble walls and terrazzo floors. Built in 1930, the structure features a stepped-back façade that’s designed to avoid casting a shadow on the Soldiers and Sailors Monument.

The AC property would join several others announced in recent years as part of the downtown Indianapolis development pipeline. Earlier this year, IBJ reported that Capital Centre would see a portion of its south tower converted into a Moxy hotel, also a Marriott brand.

Currently, downtown has just under 8,800 hotel rooms, with the two most recent, Aloft Indianapolis and The InterContinental, opening in February.

The InterContinental is the only modern hotel in downtown Indianapolis with public spaces that offer direct views of Monument Circle, although both the Circle Tower and the King Cole redevelopment projects each promise to feature their own views of the space.

Vincent Dora, president of Dora Hospitality and a part owner of the Circle Tower hotel, said he considers the project “deeply special” for the company and the city.

“The Circle Tower building has long been a landmark and transforming it into an AC Hotel by Marriott allows us to preserve its historic character while introducing a stylish, modern hospitality experience,” he said in written remarks. “With many guest rooms—and a rooftop bar—overlooking the Soldiers and Sailors Monument, this hotel will offer something truly unique. … We’re proud to play a role in revitalizing this iconic corner of downtown and can’t wait to welcome guests into a space that celebrates both the past and the future of Indianapolis.”

IBJ reported last month that seven hotels with a total of 1,056 rooms have opened downtown in the last five years, and that there are 12 more hotels currently under construction or in the planning stages.

Editor’s note: This story has been updated to include additional information and comments from the developers involved in the project.