The Fishers-based company lost the Comfort Suites City Centre near Lucas Oil Stadium in a bankruptcy reorganization filed by one of its affiliates, which owed a creditor about $12 million.
The Indianapolis hotel market is poised to record a 10.8-percent increase in revenue per available room in 2012, according to projections from PKF Consulting. The city's hosting of the Super Bowl gave the market a huge, early lift.
The hotel on the northwest side of Indianapolis will become the Caribbean Cove Hotel & Water Park on June 13 after more than 30 years as a Holiday Inn.
As revenue per room falls, some hotels outside the center city are going on the auction block.
A Holiday Inn hotel along Interstate 69 just north of 96th Street in Fishers is scheduled to hit the auction block next month
with a suggested opening bid of $1 million.