INDIANAPOLIS - A hotel owner and operator with offices in Columbus and New York has acquired a historic building in downtown Indianapolis. Everwood Hospitality Partners says it has invested $5 million to acquire the former Stockyards Bank Building and plans to invest an additional $13 million to transform the building into a 128-room hotel.

The 12-story building, which was built in 1898, will become the Aloft Indianapolis Downtown. Renovation work is expected to begin in the fourth quarter of this year and be complete in the third quarter of 2019.

"We’re excited to have a hotel that sits squarely in the midst of an exciting, bustling urban setting," said Amit Patel, principal at Everwood. "The hotel has been designed to meet the needs of the variety of business and leisure travelers to the Indianapolis region."

The hotel will feature an in-house music stage to feature local bands. The developer says the configuration of the existing building will allow for a unique layout and design for the hotel, which will feature a mezzanine level overlooking the hotel bar and music stage. It will also include free Wi-Fi for guests and a keyless entry system, allowing guests to use their smartphone as a room key.

A spokesperson for Everwood says the project will create 23 jobs when the hotel is complete.