by Adriana Pop, Associate Editor
The four-star Westin Hotel in downtown Indianapolis is about to embark upon a $14 million refurbishment project. According to the Indianapolis Business Journal, the overhaul, which will include the property’s 13 floors and 573 guest rooms, will start this month and be complete by February.
The property will stay open during the renovation, which will be performed in phases by closing three floors at a time.
The Westin Hotel first opened in 1989. Its public meeting spaces were upgraded in 2008, while its lobby and common areas were improved in 2011.
“This has all been part of a cycle to keep this facility completely updated,” Westin general manager Dale McCarty told the newspaper. “In the last five years, we’ve spent $25 million in renovations, and it’s all been self-funded.”
In March, Westin officials are planning to celebrate the re-opening of the hotel by inviting some of the regular corporate clients and convention planners. Room rates are expected to remain at their current level.
In multi-family transaction news, HFF has closed the sale of, and arranged acquisition financing for, a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie.
Peak Property Group LLC acquired the assets from Klingbeil Capital Management for $15.8 million. HFF marketed the portfolio on behalf of the seller and assisted the buyer with acquisition financing through Jefferies LoanCore. Managing director Brian Kelly led the investment sales team, while the debt placement team was led by associate director Ken Martin.
“The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” Martin said in a news release.
The portfolio consists of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. Amenities include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.
Photo credits: www.westinindianapolis.com