INDIANAPOLIS NORTH
Hodges Ward Elliott is pleased to present for your consideration its exclusive representation of the seller in the sale of the 266-room Renaissance Indianapolis North, ideally located in Carmel, Indianapolis’ most affluent and dynamic suburban hub.
Investment Distinctions
INSTITUTIONAL-GRADE ASSET WITH LEADING MARKET POSITION
Institutionally owned and in outstanding physical condition, the Renaissance is North Indianapolis’ premier full-service hotel. The eight-story property offers 266 guest rooms, 14,844 square feet of first-class meeting and event space, an on-site restaurant and bar, Starbucks café, club lounge, and indoor pool. The Renaissance enjoys exceptional visibility along U.S. 31 in North Indianapolis’ Meridian Corporate Corridor, the region’s premier business hub. Positioned just minutes from I-465 and Carmel’s thriving City Center—and less than 20 minutes from downtown Indianapolis—the Hotel offers outstanding accessibility to top corporate, leisure, medical, and cultural demand drivers.
STRONG AND GROWING IN-PLACE CASH FLOW
Supported by its brand strength, amenity offering, and high barriers to entry, the Renaissance generates robust cash flow and compelling investor returns at the contemplated transaction value. Performance greatly exceeds pre-pandemic levels, with trailing twelve-month RevPAR and NOI 12% and 25% above year-end 2019 levels, respectively. The property also consistently ranks #1 in its competitive set for RevPAR.
CARMEL: A PREMIER INVESTMENT MARKET
The Renaissance benefits from Carmel’s status as one of the Midwest’s most affluent and fastest-growing suburban markets, supported by top-tier demographics, robust infrastructure, and ongoing redevelopment. Strategically positioned along North Indianapolis’ growth corridor with direct access to I-465 and U.S. 31, Carmel attracts leading employers, residents, and investment capital. The city boasts Indiana’s #2 median household income at ~$135k and continues to experience steady population growth.
With over $2.1B in active investment—including 3,800 new residential units and 800,000 square feet of office and retail development—Carmel is evolving into a dynamic urban hub anchored by the $300MM City Center. Combined with nationally ranked schools, exceptional quality of life, and repeated national accolades, Carmel offers investors a rare combination of wealth, stability, and long-term growth potential.
Incredible Diversity of Demand
The hotel benefits from a highly attractive mix of group and transient demand (historically 40% group / 60% transient) supported by Carmel’s diverse demand generators across culture, commerce, tourism, sports, and healthcare. The Carmel office submarket anchors the Indianapolis MSA’s premier suburban corridor, offering 8.7 million square feet and the region’s highest rents, attracting Fortune 1000 and high-credit tenants. Cultural and event demand is driven by the Arts & Design District, the 15,000-square-foot Ritz Charles, and the City Center redevelopment with the Allied Solutions Center for the Performing Arts, which draws over 500,000 visitors annually. Sports and medical demand further strengthen the market, with anchors including the 400-acre Grand Park Sports Campus, Carmel High School’s $55MM natatorium and nearby hospitals IU Health North, Ascension St. Vincent Carmel, and Indianapolis Rehabilitation. Beyond local drivers, the hotel also benefits from compression demand from downtown Indianapolis.
Allied Solutions Center for the Performing Arts
Carmel CIty Center
Carmel Christkindlmarkt
Arts & Design District
Highly Awarded Hotel
#1 Ranked Hotel on
TripAdvisor in the State of Indiana
Nominated in 2023 and 2024 for
NFL Hotel of the Year
Green Key Global Certification -
Achieved 4 keys out of 5
Ranked #1 in North America in
Event Satisfaction for
Renaissance branD in wave 1 of 2025
EXCEPTIONALLY WELL-MAINTAINED ASSET WITH RENOVATION UPSIDE
Since 2021, the Property has completed approximately $4MM ($15k/key) in capital improvements, including nearly $3MM dedicated to public space renovations. A targeted change-of-ownership PIP is expected to further enhance the property, supporting continued growth in ADR and overall performance.
Dominant Brand & Distribution System
The Renaissance brand, part of Marriott International, benefits from powerful global platforms and access to 237 million Bonvoy members. As a premier full-service lifestyle brand, it combines strong equity with a proven model, supporting durable cash flow and long-term value.
Optimal Offering - Fee Simple, Non-Union, Unencumbered by Management
The Property is offered fee simple and free and clear of existing management and financing.
Renaissance Indianapolis North
Property Snapshot
| Address: | |
| Year Opened: | 2008 |
| Keys: | 266 |
| Acreage: | 7.43 Acres |
Four Outlets
| |
| Meeting Space: | 14,844 SF (14 Event Spaces) |
| PARKING: | Complimentary On-Site Parking |
| AMENITIES: |
|
| Fee Simple | |
| Pyramid Global Hospitality (Unencumbered) | |
| Labor: | Non-Union |
Carmel Market HIghlights
Situated along North Indianapolis’ booming growth corridor, with direct access to Interstate 465 and U.S. Highway 31, providing connectivity to the greater metro area.
Carmel has transformed into a premier suburban hub attracting both residents and businesses; recently ranked the #2 Best Place to Live in the U.S. by Livability and U.S. News & World Report (2025).
With a median household income of ~$135,000, Carmel ranks as the second wealthiest city in Indiana.
Carmel’s population has grown from 84,500 in 2010 to 103,000+ in 2024, reflecting a 1.4% average annual growth rate.
Currently Carmel has over $2 billion in commercial and residential development projects underway.
INDIANAPOLIS MARKET HIGHLIGHTS
In addition to Carmel, the Hotel benefits from demand created by Indianapolis, the largest city in Indiana and the 15th-most populous in the United States, with a population of nearly 900,000. The city is defined by its central location and accessibility, intersected by major interstate highways and supported by a growing international airport. Known as the Racing Capital of the U.S., Indianapolis boasts a powerful sports identity anchored by the Indianapolis 500 (the largest single-day sporting event in the world), the Colts, Pacers, Fever, and Indy Eleven, with venues like Lucas Oil Stadium and Gainbridge Fieldhouse drawing millions of fans each year. The Indianapolis–Carmel–Anderson MSA is home to approximately 2.1 million residents, making it the nation’s 34th-largest metro area. The region hosts a diverse economy anchored by healthcare, life sciences, advanced manufacturing, logistics, financial services, and is the headquarters of nine Fortune 1000 companies, including fortune 500 companies Eli Lilly and Company, Cummins, and Elevance Health.