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Kite to build 2 hotels at Pan Am Plaza; city to spend $120M on attached meeting space

Indianapolis’ once-celebrated-but-now-underused Pan Am Plaza is the planned site of a $120 million, publicly funded addition to the Indiana Convention Center plus two privately funded Hilton-branded hotels that together would have more than 1,400 rooms.

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A key component of the project is a 38-story, 800-room hotel that would be developed by Kite and branded as Hilton on the northeast corner of the plaza at Illinois and Georgia streets. It would be Indianapolis’ second-largest hotel, behind only the 1,005-room JW Marriott that opened in 2011.
Kite plans to build a second, 600-room hotel, as well, which would be on the southeast corner of the block at Illinois and Louisiana streets. It also would carry a Hilton brand.


 

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$550 million deal reached for Pan Am Plaza: new hotels and convention center expansion



INDIANAPOLIS — Plans to build a $550 million hotel at Pan Am Plaza and expand the Indiana Convention Center are a go, but will be delayed up two years. That's after the city and the Kite Realty Group signed off on a development deal, according to Capital Improvement Board (CIB) Executive Director Andy Mallon.

Plans ultimately call for two new Hilton hotels (the first a 40-story Signia hotel) with a combined 1,400 rooms.
Both will be connected to the Indiana Convention Center expansion and include 143,000-square-feet of meeting space and a 50,000-square-foot ballroom. Mallon said the convention center expansion will be funded by a $125 million bond that both the Metropolitan Development Commission and City-County Council must sign off on first. Those votes are expected next month. Kite will finance the hotels.

Asked about the timing, in the midst of a pandemic when the convention and tourism industry has come to a screeching halt, Mallon said studies show recovery starting next year and being back to pre-COVID numbers by 2023. The Signia is not set to open before 2024.

"It makes us bullish about the project," Mallon said. "That this hotel and expanded convention center would come on-line just around that time to take advantage of recovery and amplify Indianapolis as a destination."

"Indianapolis has always been bold. Betting on downtown is something we've done for decades...it's looking ahead and making sure we can be competitive moving forward," said Scarlett Martin, the mayor's director of community and economic development.

Chris Gahl with Visit Indy noted the Convention Center expansion will be its sixth and is desperately needed.
 
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