Renovation Financing Granted for Crowne Plaza in Indianapolis

INDIANAPOLIS—InterContinental Hotels Group has gained $17.3 million in financing for the Crowne Plaza Union Station here in the downtown.

Los Angeles-based Vista Capital Co. arranged and closed the loan, funded by an affiliate of a European-based investment bank. The 10-year, fixed-rate financing will be used to fund a large renovation project to redesign the hotel interior with a modern, clean, and chic aesthetic. The financing will also be used to retire the existing financing, while concurrently reducing debt service payments by approximately one-third.

Zak Selbert, Vista’s founding principal, said his firm was able to negotiate highly favorable, non-recourse, fixed-rate financing with pricing of approximately 5 percent. "Ownership was able to accomplish a number of key goals in this transaction, despite frequently-changing underwriting standards," he said in a statement.

The hotel, listed in the National Register of Historic Places, is adjacent to the Indiana Convention Center and is connected via over-air walkway to Lucas Oil Stadium. The full-service Plaza features 273 rooms, including 26 original Pullman Traincar sleeping rooms named and decorated after famous personalities from the early 1900s.

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