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Nice! The doubters who thought the project would never be happen don’t understand the complexities that redevelopments like this one are complex on multiple levels. But patience and grit will ultimately bring success.
I think the doubters fully understood the applicable complexities and just didn’t think that the developers had the ability to get past them.
I can’t find the story but I thought the ballroom or theatre on the top floor was “haunted”
What is the status of the City Hall/21 C hotel? Nothing has happened on the site. Its such a shame this project is struggling due to local developers and financing. The City has already contributed to the financing. Maybe Hendricks could have made this work.
Yes
Wow, at a cost of $660,000/room, good luck making the numbers work!
Factor in 300 patrons in the rooftop bar and what they’ll spend while taking in the view, and you’ll be surprise how much of a money-maker that feature it.
Assuming 64% annual occupancy & average room prices of $250/night, it would take about 11 years and 110 days for the developers to make their money back. Which is about as long as you’d expect a hotel to make it before needing a renovation anyway. Not great numbers, but definitely workable – and that’s before taking into account other revenues, inflation, and etc.
But for a 4-star hotel in Indy’s CBD, 64% occupancy @ ~$250/night would be terrible relative to the competition. 4 star hotels in Indy’s CBD typically go for closer to $275-$300/night and maintain occupancy rates of greater than 70%.
I’m glad for this! It’s the continuous legal and financial issues of Loftus and Robinson and John’s that seem troublesome.
After or before this is open, get the Wilshaw problem resolved!!!
Glad to see progress. It’s a great use of a beautiful building.
Looks like an amazing project for downtown.