Dunn Hospitality Acquires Indiana Hotel Site

Courtyard by Marriott, The Stations. Image courtesy of Dunn Hospitality Group

A new Courtyard by Marriott is coming to Fishers, Ind. Dunn Hospitality Group has purchased a hotel site in the Indianapolis suburb from Thompson Thrift Retail Group. The lot was sold for an undisclosed price and is part of Thompson Thrift’s mixed-use development The Stations.

READ ALSO: Q&A: How Can Hotels Prepare for an Optimized Recovery?

Dunn is planning to build a 145-key Courtyard by Marriott on its new lot with the start of construction planned for early summer 2020. The hotel will feature meeting spaces, fitness facilities, an indoor pool, room service and a bistro bar. Dunn, who is spending $20 million on construction, expects to open the Courtyard by Marriott in the second half of 2021.

David Dunn, president & chief operating officer of Dunn, said in prepared remarks that the company had enough funding in place to purchase the hotel site despite the ongoing economic situation. Dunn added in his prepared statement that the hotel will likely open during an opportune time since it is being built while the economy is recovering.

Elsewhere in the state, the Indiana-based hotel development and management company has three hotel properties in Evansville and two in Indianapolis. South of Indiana, Dunn Hospitality also has a Holiday Inn Express and a Hilton Garden Inn in its Louisville, Ky., portfolio.

Dual mixed-use projects

Dunn’s new hotel will be part of The Stations, Thompson Thrift’s 8-acre multi-use development. The Stations will include 60,000 square feet of office, 6,600 square feet of retail, 37 townhomes and the upcoming hotel. Later this year, Thompson Thrift plans to break ground on the office portion with a Class A four-story office building equipped with a large lobby with elevators and outdoor work areas on the building’s top floor. The company is also working on the residential section of the Stations by completing the initial site work for the three-story townhomes.

Eric Wojak, development director for Thompson Thrift, said in prepared remarks that Dunn’s hotel is a great fit for The Stations as it will attract business traveler demand and complement the upcoming office building.

As Thompson Thrift’s exclusive hospitality partner, Dunn previously worked with the real estate company in its adjacent mixed-use Fishers District project. The developers built a 211-key, dual-branded Hyatt Place/Hyatt House in Thompson Thrift’s Fishers District, which also includes 100,000 square feet of retail and dining and 260 multifamily units. Watermark Residential, an affiliate of Thompson Thrift, is also working on a 324-unit community in Huntsville, Ala.