Plans $6.5M Conversion to Homewood Suites
March 3, 2015. Carmel, IN— Waramaug LS Hotels, a private investment group, announced today the purchase of the Doubletree Suites by Hilton Hotel Indianapolis-Carmel. 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. The $6.5 million dollar project will include the installation of kitchens in every suite for the convenience of their guests.
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.
“Being located in the largest city in the state as well as being the capitol of Indiana, this property clearly benefits from occupying space in the one of the most accessible cities in America. Tourism is a vital part of the Indianapolis economy and the city regularly hosts conventions, major sporting events and leisure travelers as the ‘Crossroads of America’. In addition, Indianapolis has a strong lodging market with RevPAR that has steadily improved over the years,” said Paul Nussbaum, Waramaug LS Hotels’s Founder and Managing Partner. “It also is a desirable acquisition for us due to the strong Hilton reservation contribution and we believe the conversion will only enhance its appeal to the market and our guests.”
The property sits on 3.9 acres and includes 137 suites. Each of the spacious suites features stylish, neutral décor and airy atmosphere perfect for work or leisure. 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.
