Market Overview

Everwood Hospitality Partners Completes Acquisition of Former Stockyards Bank Building in Downtown Indianapolis, Plans to Convert Property to 128-Room Aloft Indianapolis Downtown


Officials of Everwood Hospitality Partners (EHP), a leading hotel
owner/operator with a growing portfolio of full-and select-service
hotels nationwide, today announced the company has acquired the former
Stockyards Bank Building in downtown Indianapolis. Additionally, EHP
released plans to convert the historic building to the 128-room Aloft
Indianapolis Downtown. Located at 136 E Market Street, the 12-story
structure, built in 1898, has served as law offices, a law library and a
bank. Its most recent anchor tenant was Stockyards Bank & Trust.

"The Aloft Indianapolis Downtown will benefit from its irreplaceable
address in the heart of the Indianapolis CBD," said Amit Patel,
principal. "The building is situated a few blocks from Bankers Life
Fieldhouse and Lucas Oil Stadium, homes to the Indiana Pacers and
Indianapolis Colts. The future Aloft Indianapolis Downtown will be
blocks away from the Indianapolis Convention Center, Circle Centre Mall,
the Capitol Building and the recently opened Cummins Indianapolis
Distribution Headquarters, as well as numerous dining and shopping
outlets. We're excited to have a hotel that sits squarely in the midst
of an exciting, bustling urban setting. The hotel has been designed to
meet the needs of the variety of business and leisure travelers to the
Indianapolis region."

EHP plans to begin construction of the Aloft Indianapolis Downtown
during the fourth quarter of 2018, with a targeted completion date of
third quarter 2019. The hotel will feature "Live at Aloft Hotels"
programming on its in-house music stage for local bands. Due to the
configuration of the existing building, the Aloft Indianapolis Downtown
will feature a unique layout and design for the brand, with a mezzanine
level overlooking the hotel bar and music stage. The hotel will feature
SPG Keyless—which enables guests to use their smartphone or Apple watch
as a room key—and fast and free Wi-Fi throughout the property.
Additional amenities include a Re:chargeSM fitness center and
Re:fuelSM by Aloft – a one-stop gourmet grab & go food and
beverage area. Guests can catch live acoustic performances, mix and
mingle and sip on crafted signature cocktails at the W XYZ® bar.

"The Aloft Indianapolis Downtown will be a perfect complement to our
growing portfolio of well-branded, investment grade hotels in submarkets
that recreate urbanized environments or central business district assets
in vibrant, walkable cities, like Indianapolis," said Amit Govin,
principal. "Everwood remains one of the few independent Marriott owners
in the market, and we believe the hotel will benefit from our unique,
hands-on approach to improving both the bottom line and the guest
experience. The Aloft will be at the forefront of the city's lodging
options, and we are confident the hotel will quickly take its place as a
segment and market leader."


With offices in New York and Indiana, Everwood Hospitality Partners is a
fully integrated owner that invests along the entire investment stack.
Everwood provides operational, financial and development services on its
own behalf, as well as for third-parties. EHP currently has 14 hotels
either open, under development or in the pipeline with more than 1,700
rooms with such prestigious franchisors as Marriott International,
Hilton Hotels & Resorts, Choice Hotels and InterContinental Hotels Group.

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