Fishers, IN, Indiana
- Fee-simple interest in 78-room Residence Inn Fishers Indianapolis, offered at a fraction of replacement cost
- Upscale, premium-branded extended stay asset in a top-10 Midwest MSA with average pre-COVID trailing 36-month RevPAR of +$89
- Property and market continue to outperform national occupancy with asset running ~54% occupancy over trailing three months, and consistent pre-COVID occupancy of approximately 75% in recent years
- Offered unencumbered by debt and management with upside potential for a buyer taking over management
- Ability to retain the Marriott flag for a long-term license upon completion of the PIP or exit the Marriott system to rebrand to another flag or to convert to an alternative use
- The extended stay nature of the asset lends itself to potential alternative use, including potential conversion to residential use (subject to local zoning requirements, etc) in light of strong residential growth rates in Hamilton County and nearby Carmel - one of Indiana’s most affluent cities and one of the highest $/SF residential submarkets. The feasibility of any change of use of the property is not assured and, if feasible, any change of use would be subject to compliance with all applicable laws, rules, and regulations.
- Situated adjacent to and directly visible from Interstate-69 with upwards of over 160,000 vehicles passing the location daily and easily accessible to the Interstate 465 beltway
- Ideally located within affluent north Indianapolis submarket proximate to core area demand including Ruoff Music Center, Community Hospital North, IU Health Saxony Hospital, the Clay Terrace, and Amazon’s new 660k SF fulfillment center in the nearby Mount Comfort Corridor
- Ideal time to invest in Fishers and broader Hamilton County on the heels of expansive 24% population growth over the past ten years (the fastest growing county in the state of Indiana) and with the area anticipated to grow exponentially over the next decade. The Indianapolis MSA population has also grown over the past decade, driven in large part by its favorable tax climate.
- Readily Accessible to downtown Indianapolis and core regional demand including, CNO Financial, Eli Lilly, Simon Property Group, The Children’s Museum of Indianapolis and the annual National Football League Scouting Combine
- Indianapolis has seen an unprecedented annual visitor activity in recent years with seven consecutive years of record setting growth culminating in upwards of ~29MM annual visitors pre-COVID
- Prosperous economic outlook with Indianapolis scheduled to host the 2021 NBA All-Star Weekend, 2021 NCAA Men’s Final Four, the 2022 College Football Playoff National Championship, the 2025 American Academy of Otolaryngology Convention, and the 2026 NCAA Men’s Final Four
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