Transcript Document

DENO YIANKES
PRESIDENT, CEO – INVESTMENTS & DEVELOPMENT
Marriott Place Development
Downtown Indianapolis
Genesis of Project
{1987-2000} History/Prior Experience in Market
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Acquisition of Downtown Howard Johnson hotel in 1987
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Expansion of Convention Center in 2000/RFP for new
Convention Hotel; Republican National Committee
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Development/Opening of Marriott (622 keys) Indianapolis
downtown in 2001
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White Lodging “Firsts”
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franchise operated Marriott Convention Hotel
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full service ground up development
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public/private partnership
Marriott Place Development
Downtown Indianapolis
{2001-2006} Development and Operational Success in INDY spurs
Owners’ Confidence
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9 additional select service/extended stay hotels in INDY market
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5 additional full service hotel developments across country
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Development/opening of 616 unit Marriott Convention Hotel
Downtown Louisville in 2005
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Public officials desire to spark real estate
development/provide further support for Kentucky
Convention Center
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Public/Private partnership
RLJ Transaction: Game Changing Event
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100 Hotels; $1.7 billion Sale
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Long Term Management Agreements
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Stability/Liquidity for Ownership
Marriott Place Development
Downtown Indianapolis
{2007-2011} Indianapolis announces plans to expand convention center, add new football/entertainment stadium
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Cements position as Midwest’s premier convention market (behind Chicago). Total gross square footage
nearly doubles from 686,000 to 1.2 million including Lucas Stadium.
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Issues RFP for public/private development of new convention center hotel with a minimum of 800
guestrooms.
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Submits proposal to host City’s first Super Bowl in 2012.
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Selected as RFP winner with 1005 JW Marriott proposal in early 2007.
Indianapolis: Raising the Game…..
Indiana Convention Center
FUNCTION SPACE
EXISTING SF
NEW SF
NET TOTAL SF
312,300
254,000
566,300
95,000
183,000
183,000
407,300
437,000
749,300
51,270
63,000
114,270
13,000
13,000
76,000
127,270
EXHIBITION:
Convention Center
Dome/Stadium
Sub-total
MEETING ROOMS:
Convention Center
Dome/Stadium
Sub-total
51,270
ICC BALLROOMS:
60,573
60,573
PRE-FUNCTION:
Convention Center
Dome/Stadium
147,460
103,000
250,460
21,425
15,000
15,000
31,000
31,000
Exhibition Plaza
Sub-total
168,885
149,000
296,460
TOTAL:
686,028
662,000
1,233,603
As shown in this table, exhibition space in the
Convention Center will expand by +/- 254,000
square feet. The combination of new and old
Convention Center exhibition space will exceed +/566,000 square feet. Coupled with +/183,000square feet of exhibit space that will be
available in Lucas Oil Stadium, +/- 749,000 square
feet of exhibition space will be available for events.
The expansion also includes an additional +/63,000 square feet of meeting rooms. With
meeting room space available in Lucas Oil
Stadium, old and new meeting and ballroom space
will increase to a net total of +/-187,843 square
feet. An additional +/- 103,000 square feet of prefunction space is incorporated in the convention
center, along with 15,000 square feet and 31,000
square feet in the Stadium and Exhibition Plaza,
respectively. The plan also allows for an enclosed
street level connection from the Convention Center
expansion to South Street and easy access to Lucas
Oil Stadium.
JW Marriott Convention Center Hotel Complex
Rare 6.5+ acre in downtown Indianapolis surrounded by Indiana Convention Center, State Capitol, Victory Field Baseball Stadium, Lucas Oil Stadium,
NCAA headquarters, Museums, Indianapolis Zoo, IUPUI, Circle Center Mall, 150+ restaurants and bars and White River State Park. Site was previously
improved with 235-unit Courtyard by Marriott (converted Howard Johnson) with attached TGI Friday’s restaurant and surface parking.
Project Summary:
JW Marriott:
1,005 rooms, 105,000 square feet of meeting space
Courtyard by Marriott:
297 rooms
SpringHill Suites by Marriott: 156 suites
Fairfield Inn & Suites by Marriott:
168 rooms
TGI Friday’s Restaurant
950 space underground parking garage serving all 4 hotels and restaurant
Total of 1,626 rooms in above mentioned hotels. With the existing 622-room Marriott Hotel, Marriott Place
Indianapolis totals 2,248 rooms all of which are connected to the ICC.
Development Timeline:
May 2007 – May 2008:
May 2008:
February 2010:
February 2011:
Document deal/approvals with city; complete design and architectural plans
(Financing, keep Courtyard building?)
Commence construction and pre-opening sales/marketing strategy for JW Marriott
Fairfield Inn & Suites/TGI Friday’s, SpringHill Suites/Courtyard by Marriott opens
(NCAA Final Four Mar/April)
JW Marriott opens with nearly 500,000 group rooms “on books”