A local hotel operator's acquisition of a downtown Indianapolis hotel is making waves in the city's events and convention district.
In January 2025, MHG Hotels purchased the Homewood Suites by Hilton Indianapolis Downtown from East Lansing, Michigan-based HRC Hotels for $17 million. The 92-room all-suite hotel is located at 211 S. Meridian St.
The deal has earned a 2026 CoStar Impact Award for Sale/Acquisition of the Year for Indianapolis, as judged by real estate professionals familiar with the market.
The five-story hotel resides in the historic Weber Building, which dates back to 1887. The property is located about two blocks west of Gainbridge Fieldhouse, two blocks east of the Indiana Convention Center and about a 10-minute walk from Lucas Oil Stadium.
The Homewood Suites Indianapolis Downtown includes a pool, business center, fitness center and meeting event space. As part of its Homewood Suites by Hilton brand standards, the hotel's guestrooms are attractive to long-stay guests and include fully equipped kitchens. Upon the closing of the deal, new owner MHG Hotels renovated the hotel.
In addition to Homewood Suites Indianapolis Downtown, MHG Hotels' hotel portfolio includes properties in Indiana, Florida, Missouri and Texas.
About the project: MHG Hotels purchased the 92-room Homewood Suites by Hilton Indianapolis Downtown, located at 211 S. Meridian St., for $17 million, or just under $185,000 per room, in January 2025. The seller was HRC Hotels.
What the judges said: "This transaction is high-impact because it modernized a historic building and contributed meaningfully to the downtown hospitality sector, which is vital for tourism and economic development," said Sara Coers, associate director of the Kelley School of Business at Indiana University Indianapolis.
"Redevelopment of a historic downtown property is a very large challenge, and they should be recognized for tackling it," said Cyndi Gianneschi, vice president and commercial appraisal manager at Lake City Bank.
They made it happen: Michael Brandes, vice president of Hodges Ward Elliott; Clint Hodges, managing director of Hodges Ward Elliott