Drury Hotels Adding to Indy Footprint

Posted: Updated:
Drury has several Indianapolis-area locations, including Carmel. (photo courtesy Drury Hotels) Drury has several Indianapolis-area locations, including Carmel. (photo courtesy Drury Hotels)
INDIANAPOLIS -

Missouri-based Drury Development Corp. is looking to add to its portfolio in Indianapolis. The company plans to invest $13 million to build a seven-story, 180-room hotel on the city's northwest side by 2022 and add 30 jobs.

According to documents filed with the city, the investment includes the demolition of the former Caribbean Cove hotel and water park, located on Michigan Road just south of I-465, which closed in 2017. The demolition effort has already begun and is expected to be complete by the end of the year. 

In addition to the new hotel, Drury plans to develop up to three retail or office outlots on the 10-acre site, according to the city, though details were not available. Drury currently operates a hotel across the street from the former Caribbean Cove site and says it will also invest $400,000 to renovate that hotel and convert it to its Pear Tree Inn brand.

The new jobs are expected to pay an average wage of $13.22 per hour.

The city's Metropolitan Development Commission has approved a nine-year personal property tax abatement for the project. The incentive does not cover the renovation of the existing hotel and is expected to save Drury more than $2.8 million during the abatement period.

  • Perspectives

    • Investing Lessons from Mount Elbert

      With little mountain-climbing experience under any of our belts, a few friends and I decided to take on Mount Elbert, Colorado’s tallest mountain. While regular climbers may not consider this “Gentle Giant” a tall task, it was for us inexperienced climbers.  Is investing your “tall task”? If so, you can learn a lot from our experiences. And you won’t have to climb a mountain to do it!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Purdue University ranks #7 for Best Value in a college education in the U.S., according to the Wall Street Journal

      Two Indiana Schools Break Top 50 List of Best Colleges

      The Wall Street Journal and the Times Higher Education magazine have released their annual list of the top 801 colleges and universities in the country. Two Hoosier universities are included in the top 50.

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    • Sports betting is now legal in Indiana

      Protecting Data Integrity as Sports Betting Grows in Indiana

      Casinos across the state are opening sports betting parlors this week, legally allowing gamblers in Indiana to place bets on professional and some collegiate sports. Some opponents of the law are concerned the integrity of sports is at risk. Others are worried about the integrity of the data used by odds makers in the now-legal betting houses. “There's a mechanism in place that can stop that from happening, or curtail it from happening in the future,” explains...

    • Purdue to Open Chick-Fil-A Amid Protests

      Citing overwhelming demand for Chick-fil-A’s food and services, Purdue University has announced it will allow the restaurant to open on campus. The university has been at the center of a debate over the Georgia-based food chain. 

    • Buttigieg to Lead Task Force on Automation

      South Bend Mayor Pete Buttigieg will Friday launch a task force aimed at preparing for the effects of automation at the U.S. Conference of Mayors Winter Meeting. The mayor's office says “Automation and the Impacts on America’s Cities” will include mayors from throughout the country.