The 266-room Renaissance Indianapolis North in Carmel, Ind., was sold by an institutional seller in a transaction facilitated by Hodges Ward Elliott. Other terms and conditions were not disclosed.
Opened in 2008, the full-service hotel is located along the North Meridian Corridor and includes 266 guestrooms, approximately 14,800 sq.-feet of meeting and event space, a restaurant, Starbucks, a club lounge, an indoor pool and a fitness center. The property serves a mix of group, corporate and leisure travelers and has access to downtown Indianapolis, Carmel City Center and the surrounding business and healthcare corridors.
HWE—part of Franklin Street’s national platform—represented the seller in the disposition of the hotel to an undisclosed buyer. The Hodges Ward Elliott brokerage team involved in the deal included Peter Dannemiller, executive managing director, Nate Ries, senior director, and analyst Caiden Trivedi.
“The Renaissance Indianapolis North represented one of the most compelling full-service hotel investment opportunities brought to market in the Midwest in recent years,” Dannemiller said in a statement. “A combination of strong in-place cash flow, institutional-quality improvements, top-ranked guest satisfaction and location within one of the country's fastest-growing suburban markets generated significant investor interest.”