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Business & Finance

HRI Properties Breaks Ground on Dual-Branded Hyatt Place and Hyatt House Development Project in Downtown Indianapolis

INDIANAPOLIS, IN. October 16, 2017 – HRI Properties announced today that they have financially closed and started construction on the dual-branded Hyatt Place and Hyatt House hotel located in the Wholesale District in Indianapolis, directly across from the main entrance to Bankers Life Fieldhouse. Construction on the property began in September 2017, with a targeted opening date in second quarter 2019. HRI Lodging, an affiliate of HRI Properties, will manage the property under franchise agreements from Hyatt Hotels Corporation.

The dual-branded hotel will represent a prominent landmark within central downtown and creates an experience that enables guests to enjoy the benefits of both brands in one location. The new construction consists of a 186-room Hyatt Place Hotel and a 130-room Hyatt House Hotel with amenities including valet parking, over 6,000 SF of flexible meeting and event space, rooftop swimming and fitness facilities, a second-floor indoor/outdoor lobby bar that overlooks Pennsylvania Street, and over 13,000 square feet of ground floor retail space available for rent to third party tenants. The overall development will also include construction of a 382-space parking garage adjacent to serve both guests and the general public.

The hotel is located in downtown Indianapolis’ historic Wholesale District at the corner of South Pennsylvania Street and East Georgia Street, facing the main entrance of Bankers Life Fieldhouse, home of the Indiana Pacers. Georgia Street's three-block street and pedestrian walkway, located immediately adjacent to the property, connects the Indiana Convention Center, Bankers Life Fieldhouse, Circle Center mall, a collection of restaurants, and other attractions. The street regular converts into a pedestrian mall, hosting summer concerts, New Year’s Eve parties, and game day events.

Hyatt Place brings the brand’s intuitive design, casual atmosphere, and practical services. Amenities include free Wi-Fi and complimentary breakfast, valued by business travelers, while providing open areas and a variety of seating where guests can unwind and connect with others. Spacious guestrooms allow guests to relax in separate sleeping and living areas. Hyatt House provides guests with the spaces and places that help make them feel more like residents. Featuring contemporary, residentially inspired studios, one and two-bedroom kitchen suites and den guestrooms, Hyatt House boasts unexpected amenities and services, including indoor and outdoor social spaces.

“We are thrilled to be officially moving forward with this momentous project,” said A. Thomas Leonhard, President and CEO of HRI Properties. “The combination of Hyatt Place and Hyatt House located directly across the street from the Bankers Life Fieldhouse will create another vibrant anchor to the Wholesale District in Indianapolis. We see great synergies between the Fieldhouse and our project.”

This significant mixed-use project includes construction financing from Wells Fargo Bank, N.A and Tax Increment Bonds issued by the City of Indianapolis which were purchased by Regions Bank, N.A. The project team includes Wilhelm Construction Company as the project’s contractor, RATIO Architects as the architect of record, and Getty’s One as the interior designer.

HRI Properties

HRI Properties, LLC ("HRIP") is an internally managed, fully integrated owner, operator and developer of premium branded hotels and upscale apartments in top urban U.S. markets. Since 1982, HRIP and its predecessor have completed more than 80 projects involving more than $2.5 billion of total invested capital, which include over 5,000 apartment units, over 5,000 hotel rooms, and more than 1.4 million square feet of office and retail space. HRI Lodging, a wholly owned subsidiary of HRIP, provides hotel management services for both HRIP owned and third-party property owners. HRI Lodging operates nearly 30 hotels and is an approved operator for industry leading brands and independent, boutique hotels. HRIP is a full-service real estate development company, with in-house architectural design and construction management capabilities and is a national leader in the adaptive reuse of historic structures. As the urbanization trend in the U.S. continues, we are committed to developing, acquiring and managing high quality real estate located within "walkable" urban neighborhoods where people want to live, work and play. For more information, please visit our website at www.hriproperties.com.

About Hyatt Place

Hyatt Place, a brand of Hyatt Hotels Corporation, combines style, innovation and 24/7 convenience to create a seamless stay with modern comforts. There are more than 274 Hyatt Place locations in Armenia, Brazil, Canada, Chile, China, Costa Rica, Honduras, India, Mexico, Morocco, Nicaragua, Panama, Puerto Rico, Thailand, The Netherlands, United Arab Emirates, United Kingdom, and the United States. For more information, please visit hyattplace.com. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.

About Hyatt House

Hyatt House, a brand of Hyatt Hotels Corporation, launched in 2012 and offers more than 72 locations throughout the United States, China and Puerto Rico. Inspired by extensive research into guest experiences, Hyatt House hotels offer services, amenities, upscale spaces and a casual, comfortable environment that reminds guests of home. For more information, please visit hyatthouse.com. Join the conversation on Facebook, and tag photos with #HyattHouse and #WhySettle.

Contact:
Cristina del Canto
504.210.1205

Coming Up In The December Online Hotel Business Review




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Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.