Debt and Equity Arranged for an Indianapolis-Carmel Based Hotel
Palm Beach, FL — Hospitality Funding arranged the debt and equity for the purchase of the Doubletree Suites Hilton Hotel Indianapolis-Carmel. The deal was cast for Waramaug LS Hotels, a private investment group. Hospitality Funding Chairman Scott Silver led the transaction.
Waramaug plans a $6.5M conversion to Homewood Suites.The project will include the installation of kitchens in every suite for the convenience of their guests.
The three-story 137-suite property represents the only full-service all-suite hotel in the market. Waramaug plans to convert the property in one year to a Homewood Suites, but will operate as a Doubletree while the conversion takes place.
Conveniently situated on the Meridian street corridor connecting downtown Indianapolis to Carmel, the hotel is in one of Indianapolis’ strongest office markets among major commercial and hospital complexes totaling over 2.7 million square feet within a 1 mile radius. The property is also in the midst of a vibrant arts and entertainment district as well as nearby world-class shopping and dining venues. It is in a prime location for business travelers but leisure travelers can quickly find recreational pleasure with a jog or bike ride down the Monon Trail or a round of golf at one of the area’s many courses. Nighttime activities also include attending shows and concerts at The Center for the Performing Arts in the upscale and fast growing city of Carmel.
The property sits on 3.9 acres and includes 137 suites. It also includes 3,000 square feet of meeting space throughout 6 meeting rooms, a three-meal restaurant serving American classics, an updated 24-hour fitness room and an indoor/outdoor pool perfect for a daytime drink. The property will continue to be under the management of Interstate Hotels & Resorts.
About Hospitality Funding: Hospitality Funding is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior owners to find capital solutions that fit their specific goal for property acquisition, development and refinance. For more information, please visit www.hospitalityfunding.com.