deno yiankes president, ceo – investments & development
TRANSCRIPT
D E N O Y I A N K E S P R E S I D E N T, C E O – I N V E S T M E N T S & D E V E L O P M E N T
Marriott Place Development Downtown Indianapolis
Genesis of Project
{1987-2000} History/Prior Experience in Market
• Acquisition of Downtown Howard Johnson hotel in
1987
• Expansion of Convention Center in 2000/RFP for new
Convention Hotel; Republican National Committee
• Development/Opening of Marriott (622 keys)
Indianapolis downtown in 2001
• White Lodging “Firsts”
• franchise operated Marriott Convention Hotel
• full service ground up development
• public/private partnership
Marriott Place DevelopmentDowntown Indianapolis
{2001-2006} Development and Operational Success in INDY
spurs Owners’ Confidence
• 9 additional select service/extended stay hotels in INDY
market
• 5 additional full service hotel developments across
country
• Development/opening of 616 unit Marriott Convention
Hotel Downtown Louisville in 2005
• Public officials desire to spark real estate
development/provide further support for Kentucky
Convention Center
• Public/Private partnership
• RLJ Transaction: Game Changing Event
• 100 Hotels; $1.7 billion Sale
• Long Term Management Agreements
• Stability/Liquidity for Ownership
Marriott Place DevelopmentDowntown Indianapolis
{2007-2011} Indianapolis announces plans to expand convention center, add new
football/entertainment stadium
• Cements position as Midwest’s premier convention market (behind Chicago). Total gross
square footage nearly doubles from 686,000 to 1.2 million including Lucas Stadium.
• Issues RFP for public/private development of new convention center hotel with a minimum of
800 guestrooms.
• Submits proposal to host City’s first Super Bowl in 2012.
• Selected as RFP winner with 1005 JW Marriott proposal in early 2007.
Indianapolis: Raising the Game…..
Indiana Convention Center
As shown in this table, exhibition space in the Convention Center will expand by +/- 254,000 square feet. The combination of new and old Convention Center exhibition space will exceed +/- 566,000 square feet. Coupled with +/-183,000square feet of exhibit space that will be available in Lucas Oil Stadium, +/- 749,000 square feet of exhibition space will be available for events. The expansion also includes an additional +/-63,000 square feet of meeting rooms. With meeting room space available in Lucas Oil Stadium, old and new meeting and ballroom space will increase to a net total of +/-187,843 square feet. An additional +/- 103,000 square feet of pre-function space is incorporated in the convention center, along with 15,000 square feet and 31,000 square feet in the Stadium and Exhibition Plaza, respectively. The plan also allows for an enclosed street level connection from the Convention Center expansion to South Street and easy access to Lucas Oil Stadium.
FUNCTION SPACE EXISTING SF NEW SF NET TOTAL SF
EXHIBITION:
Convention Center 312,300 254,000 566,300
Dome/Stadium 95,000 183,000 183,000
Sub-total 407,300 437,000 749,300
MEETING ROOMS:
Convention Center 51,270 63,000 114,270
Dome/Stadium 13,000 13,000
Sub-total 51,270 76,000 127,270
ICC BALLROOMS: 60,573 60,573
PRE-FUNCTION:
Convention Center 147,460 103,000 250,460
Dome/Stadium 21,425 15,000 15,000
Exhibition Plaza 31,000 31,000
Sub-total 168,885 149,000 296,460
TOTAL: 686,028 662,000 1,233,603
JW Marriott Convention Center Hotel Complex
Rare 6.5+ acre in downtown Indianapolis surrounded by Indiana Convention Center, State Capitol, Victory Field Baseball Stadium, Lucas Oil Stadium, NCAA headquarters, Museums, Indianapolis Zoo, IUPUI, Circle Center Mall, 150+ restaurants and bars and White River State Park. Site was previously improved with 235-unit Courtyard by Marriott (converted Howard Johnson) with attached TGI Friday’s restaurant and surface parking.
Project Summary:
JW Marriott: 1,005 rooms, 105,000 square feet of meeting spaceCourtyard by Marriott: 297 roomsSpringHill Suites by Marriott: 156 suitesFairfield Inn & Suites by Marriott: 168 roomsTGI Friday’s Restaurant950 space underground parking garage serving all 4 hotels and restaurant
Total of 1,626 rooms in above mentioned hotels. With the existing 622-room Marriott Hotel, Marriott Place Indianapolis totals 2,248 rooms all of which are connected to the ICC.
Development Timeline:
May 2007 – May 2008: Document deal/approvals with city; complete design and architectural plans(Financing, keep Courtyard building?)
May 2008: Commence construction and pre-opening sales/marketing strategy for JW MarriottFebruary 2010: Fairfield Inn & Suites/TGI Friday’s, SpringHill Suites/Courtyard by Marriott opens
(NCAA Final Four Mar/April)February 2011: JW Marriott opens with nearly 500,000 group rooms “on books”