|By Bruce C. Smith, The Indianapolis
StarMcClatchy-Tribune Regional News
Sept. 16, 2011--Northwestside landmark Caribbean Cove Hotel and Water Park has been sold to Houston-based Allied Hospitality, which plans to renovate the property and keep it open.
An Allied spokesman said the former Holiday Inn at I-465 and Michigan Road will be affiliated with a new major hotel chain to be announced.
Allied operates six hotels, including two with water parks, under brand names that include Best Western, Clarion, Hilton Gardens and Marriott.
Indianapolis-based General Hotels opened the 344-room hotel in 1978 and later added the 50,000-square-foot indoor water park. The hotel dropped the Holiday Inn name about a year ago to be independent.
The sale, for an undisclosed price, closed Wednesday and was confirmed by both sides Thursday.
Robert West, a general manager with Allied, said a company team is in the hotel this week to plan the renovations. There will be new carpeting, furnishings and window air conditioners. Outside, the building will receive a facelift.
"The water park is only about five years old, so we'll just do maintenance and painting there. This is really a great facility that just needs a little love and nourishment," West said.
General Hotels President Jim Dora Jr. said one of the goals of the sale was to find a buyer to protect the jobs of the 266 employees.
Allied Hospitality is a private company owned by Steve Hsu, who has more than 20 years of hotel management experience.
Several months ago, Hsu's Allied Hospitality bought the Best Western Clock Tower Resort and Conference Center in Rockford, Ill. That property had undergone a $27 million renovation before it was sold.
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