12/19/2006
Media Contact:
Jo Lynn Garing, [317] 327-4532 or
[317] 664-1823 |
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Hotel Committee recommends Whiteco Industries’ proposal for new downtown convention hotel
Indianapolis – The Hotel Selection Advisory Committee unanimously accepted the industry consultant’s report and recommended to Mayor Bart Peterson that the Indianapolis Local Public Improvement Bond Bank negotiate a Letter of Intent with Whiteco Industries to build several Marriott-brand hotels, including a JW Marriott, on the southwest corner of West and Washington Streets.
“The city was presented with two fantastic developments,” said Barbara Lawrence, director of the Bond Bank. “Each proposal would have benefited downtown Indianapolis.”
The Hotel Selection Advisory Committee reviewed two final proposals for a new downtown convention hotel. In addition to the Whiteco development, Browning Marcus Joint Venture proposed to build an Intercontinental Hotel located at Pan Am Plaza.
“We were extremely impressed with both proposals,” said Tamara Zahn, president of Indianapolis Downtown, Inc., and committee member. “Whiteco is ready to move forward immediately, and they have proven successful at developing and operating hotels in Indianapolis and other markets.”
The next step is to negotiate a Letter of Intent with Whiteco.
“If we are unable to negotiate a Letter of Intent that is satisfactory to the Bond Bank, we will look at other options, including the Browning Marcus Joint Venture,” Lawrence said.
The Letter of Intent should be finalized by the end of the year. Once it is accepted, the Bond Bank will then negotiate a Project Agreement. The Bond Bank hopes to have a project agreement established by mid-February.
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