Everwood to Convert IN Office Property to Hotel

By IvyLee Rosario

Stock Yards Bank Building

Everwood Hospitality Partners has acquired the former Stockyards Bank Building in downtown Indianapolis. The firm plans to convert the property into the Aloft Indianapolis Downtown, a 128-key hotel. 

Located at 136 E. Market St., the current office building features 54,947 square feet across 12 stories. The Class B property was constructed in 1898 and was home to several law offices, a bank and a law library. The most recent tenant was Stockyards Bank & Trust. The asset last traded in March 2015, when Hotel Capital purchased it for $2.8 million from private owner James Ammeen, according to Yardi Matrix. 

Construction on the Aloft Indianapolis Downtown is set to begin in the fourth quarter of this year, with completion scheduled for the third quarter of 2019. Brand features will include the Live at Aloft Hotels programming, a mezzanine level overlooking the hotel bar and music stage, SPG Keyless entries, free Wi-Fi, a Re:charge fitness center, the signature W XYZ bar and Re:fuel by Aloft gourmet grab & go food and beverage area. 

“The Aloft Indianapolis Downtown will be a perfect complement to our growing portfolio of well-branded, investment grade hotels in submarkets that recreate urbanized environments or central business district assets in vibrant, walkable cities, like Indianapolis,” said Amit Govin, principal at Everwood, in a prepared statement. “Everwood remains one of the few independent Marriott owners in the market, and we believe the hotel will benefit from our unique, hands-on approach to improving both the bottom line and the guest experience.  The Aloft will be at the forefront of the city’s lodging options, and we are confident the hotel will quickly take its place as a segment and market leader.”

In February, Everwood Hospitality Partners paid $24.7 million to acquire the 263-key Sheraton Suites Plantation in Plantation, Fla. 

Image courtesy of Yardi Matrix