INDIANAPOLIS (WRTV) — The Keystone Group has acquired the 21-story Sheraton Indianapolis City Centre Hotel near Monument Circle in preparation to update the hotel.
Neither the cost of the acquisition nor the anticipated cost of planned renovations was included in a news release that Keystone Group issued Friday.
The Indianapolis-based real estate development, construction, and management company, known for its downtown developments, plans to transform the property into a Renaissance hotel, a Marriott International premium lifestyle brand aimed at business and leisure travelers.
The plans for the hotel at 31 W. Ohio St. include adding a rooftop bar and a pool, a public parking garage, and a restaurant and coffee shop to the main floor.
Construction was expected to last for around two years, but it was not clear from the release when construction would begin.
The building that houses the Sheraton Indianapolis City Centre Hotel was built in 1969, according to Marion County property records. It was previously a Radisson hotel until it was rebranded into a Sheraton in late 2007 and early 2008, according to news reports.
Ersal Ozdemir, founder and owner of the Keystone Group, is the principal owner and chairman of the Indy Eleven soccer teams.
