SPEEDWAY, Ind. (Inside INdiana Business) — A Georgia-based hotel development firm has detailed plans to take over the development of a project near the Indianapolis Motor Speedway that has seen years of delays. Hotel Equities told the Speedway Town Council on Monday evening it hopes to resume construction of the Wilshaw hotel next spring.
Hotel Equities says it plans to work with the current developer, Loftus Robinson, as well as the town and other stakeholders to assume development and management responsibility. Financial terms of the changeover were not disclosed.
The developer says it plans to maintain the project’s footprint, which features a five-story, 127-room hotel under the Hilton Tapestry brand.
“We are pleased that Hotel Equities is engaged in this development, as they have a proven track record of developing hotels at various stages and managing an exceptional hospitality experience,” Tim Gropp, executive director of the Speedway Redevelopment Commission, said in a news release Monday night. “Tonight’s meeting is an important first step in introducing the community to Hotel Equities and bringing this project one step closer to reality. We look forward to completing our due diligence and collaborating with Hotel Equities and the project partners to move this hotel forward.”
If the deal is finalized, Hotel Equities says it plans to complete the project in the first quarter of 2023.
Our partners at the Indianapolis Business Journal report Loftus Robinson paused construction in 2019 amid financial difficulties. Indianapolis-based MHG Hotels came on board the project in 2020, though it is unclear if MHG is involved in the deal with Hotel Equities.
You can learn more about the history of the project from the IBJ’s Mickey Shuey by clicking here.