May 15-21, 2020
In this week's issue, Mickey Shuey takes a deep dive into the debt problems facing Indianapolis-area hotels in the wake of the COVID-19 devastation. The issue also explores the refinancing boom spurred by low interest rates and the outlook for gyms as they prepare to reopen. With sporting events still shutdown, columnist Mike Lopresti looks back at some classic games involving Indiana teams and imagines new endings.
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Record-low interest rates have sparked a refinancing free-for-all
A borrower who took out a 30-year, $200,000 mortgage in 2018 at an interest rate of 4.55% would have a monthly payment of $1,019. By refinancing into a 30-year mortgage with a 3.46% interest rate, the monthly payment would drop to $865.
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Ravaged Indy hotels in danger of delinquencies, defaults
Experts say hotels of all sizes are under tremendous stress as revenue for many falls below the levels needed for debt payments.
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Crisis puts Holcomb center stage—and that comes with risks, rewards
According to a recent poll conducted by Indy Politics and Change Research, 63% of Hoosiers say they approve of how Holcomb has responded to the pandemic, and 54% say the state is headed in the right direction. But Holcomb’s overall approval rate—at 47%—trailed the numbers for his handling of the coronavirus crisis.
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Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
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Gym owners sweating over whether patrons will return
The fitness industry faces lingering uncertainty about the health risks of the traditional gym, with its shared treadmills and sweaty saunas, as well as the ongoing disruption to a business model that values routine and repetition above all else.
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Former downtown correctional facility up for sale as neighborhood takes off
Real estate sources told IBJ the land likely would sell for at least $1 million per acre because of its proximity to the heart of downtown, where sizable redevelopment opportunities are scarce.
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Steak n Shake permanently closes 57 restaurants amid dismal first quarter
With its restaurants limited to drive-thru, takeout or delivery for much of March because of the virus outbreak, the burger chain saw quarterly revenue plummet by $59 million.
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UPDATE: An estimated 186,000-plus Hoosiers have or had COVID-19, new study says
Study results released Wednesday by the Fairbanks School of Public Health at IUPUI also indicate that 44% of people who get COVID-19 show no symptoms.
Read MoreQ&A: Kevin Berkopes on expanding Crossroads Education’s reach
The company has received an anonymous $500,000 donation that it will spend to expand its Learning Commons tutoring program to 10 more schools in Indiana.
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Indiana credit unions pursue growth by buying banks
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.
Read MoreRisk of reopening U.S. economy too fast: A W-shaped recovery
Now, as President Donald Trump and many Republicans press to reopen the economy, some experts see an ominous risk: That a too-hasty relaxation of social distancing could ignite a resurgence of COVID-19 cases by fall, sending the economy back into lockdown.
Read MoreThe car is staging a comeback, spurring oil’s recovery
James Li, a public relations account director, would rather spend an hour sitting in Beijing traffic than risk 30 minutes exposed to crowds on a train. “Traffic is as bad as it could be” but the subway is still too dicey, he said. In Frankfurt, real estate assistant Anna Pawliczek is driving to work for […]
Read MoreUPDATE: Indiana’s April revenue nearly $1B below budget projections
Budget officials predicted Indiana would collect nearly $2.2 billion in revenue in April, but it only received $1.23 billion, for a difference of $964 million.
Read MoreHKW buys maker of PPE for $36M
Indianapolis-based private equity firm Hammond Kennedy Whitney & Co. Inc. has acquired a majority interest in Infab LLC, a California-based maker of personal protective equipment for health care.
Read MorePaycheck Protection Program approving smaller loans this time around
The federal Paycheck Protection Program, which offers COVID-19 relief to small businesses, was criticized for allowing larger companies to secure multimillion-dollar loans early on.
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Editorial: Delta’s Indy-to-Paris flight is still worth fighting for
The Indianapolis International Airport’s journey back from the coronavirus crisis won’t be complete—and the city and state won’t be made whole—without the return of nonstop service overseas.
Read MoreNATE FELTMAN: ‘Never let a crisis go to waste’
How can we improve our businesses in the aftermath of the pandemic.
Read MoreMarina Hadjioannou Waters: Communication—with all communities—is critical in a crisis
We must provide as many people as possible access to health and safety information in their primary language. Failure to do so threatens the health of every one of us.
Read MoreKenny Blickenstaff: Pandemic helps explode the investment diversification myth
Reality seems to echo Warren Buffett, who famously stated, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
Read MoreLetter: See your doctor, but do it safely
At Hancock Health, we believe the key to unlocking patients’ reluctance to seek treatment lies in implementing a robust safety plan.
Read MoreLetter: IndyGo vitriol is unwarranted
The state law that requires IndyGo to raise private funds is a poison pill promulgated to punish a successful vote.
Read MoreLiz Malatestinic: New normal? It’s the evolving normal.
Perhaps the biggest key to making effective plans in all this is flexibility.
Read MoreURBAN DESIGN: Crisis provides an opportunity to reconsider our shared spaces
It’s time to try new things, like turning over some of the public right-of-way for restaurant seating.
Read MoreMitch Daniels: Beware of the pandemic of second-guessing
I’m worried about preventing a sickness, one we’ve been through before—much more recently than the last pandemic flu.
Read MoreHAHN: Understand the three stages of planning for retirement
In economics, there are only three ways to produce income—land, labor and capital. If you want to stop laboring [retire, reach financial independence, whatever], you need to acquire the other two.
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Area existing-home sales sank 16.8% in April amid pandemic limitations
Amid the big decline in sales, prices hit record highs in central Indiana, according to the MIBOR Realtor Association.
Read MoreLocal tech startup getting pandemic boost from app that connects hospitals, nursing homes
Altogether, more than 300 nursing homes across the state are now using Olio Health’s software in conjunction with the hospitals.
Read MoreEx-Rep. Rokita might join race for Indiana attorney general
Former U.S. Rep. Todd Rokita said Indiana Attorney General Curtis Hill is “very badly wounded” because of the 30-day suspension of his law license.
Read MoreHoosiers still betting on sports, but revenue takes a dive
According to the revenue report released Monday morning by the Indiana Gaming Commission, Hoosiers wagered $26.3 million on sports in April.
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MIKE LOPRESTI: Let’s watch these again—but with new endings
Our college and pro teams would like do-overs of some of their most heart-breaking defeats.
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