The City of Indianapolis will take over the estimated $150 million construction of the Hilton Signia Hotel as part of the redevelopment of the Pan Am Plaza, according to the Hogsett administration.
INDIANAPOLIS — The city of Indianapolis will take over the construction of the Hilton Signia Hotel moving forward, according to the Hogsett administration.
“The redevelopment of Pan Am Plaza and expansion of the Convention Center is a transformative project that will help secure Indianapolis’s place as the top host city in the country," Mayor Joe Hogsett said in a statement."It will preserve and add thousands of hospitality and construction jobs, and inject even more energy into a thriving downtown, all at no additional expense to taxpayers.
The construction was previously being financed by Kite Realty Group, however, the developer informed the City earlier this year that they were no able to secure private financing based on current market condition. "The public ownership model eliminates private profits," said a Hogsett spokesperson."Under the City’s ownership, all hotel revenues go toward operations of the hotel and repaying the bond holders. The City, in part because of its strong credit history, can borrow against those hotel revenues at better rates."
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