136 E Market St Indianapolis, IN 46204

Listing agency Red Swan Capital

Listed by Simon Herrmann · License #TX

Source Crexi

Added: Apr 11 Updated: Jul 21 at 10:31PM Checked: Jul 21 at 10:31PM

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Investment Insights

Based on property information with market context.

The offering is for investment in a nearly complete, brand-new redeveloped Aloft by Marriott hotel. The project involves redeveloping a historic office building into the Aloft brand, with the intent to recapitalize the hotel near construction completion. Everwood Hospitality Partners is seeking LP equity partners and will contribute additional GP equity through an Everwood affiliate.

The project is located at 136 E Market St in Indianapolis, Indiana, and it is in an Opportunity Zone. The offering is structured to allow investors to participate in the cash flows of the redeveloped Aloft, and investors may be able to invest at the development basis of the nearly complete project. Proceeds are intended to recapitalize the hotel at a competitive development basis.

The project materials also reference investor return targets of 20.1% IRR, 12% cash-on-cash, and a 2.16x equity multiple.

Key Highlights

• Nearly complete Aloft by Marriott redevelopment in downtown Indianapolis of a historic office building
• LP equity offering seeks $11.3M for the project; an affiliate contributes $1.26MM GP equity
• Project is located in an Opportunity Zone for federal capital gains tax benefits

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FAQs

What type of property is this?

Hotel - Nearly complete Aloft by Marriott redevelopment of a historic office building in downtown Indianapolis, with Opportunity Zone benefits.

Where is this hotel located?

The property is located at 136 E Market St Indianapolis, IN.

What are key features of this property?

This property features: Nearly complete Aloft by Marriott redevelopment in downtown Indianapolis of a historic office building; LP equity offering seeks $11.3M for the project; an affiliate contributes $1.26MM GP equity; Project is located in an Opportunity Zone for federal capital gains tax benefits