Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of the property at 3553 Founders Road, formerly known as the “Residence Inn” located in Indianapolis. Scott Griemsmann, Senior Managing Director and Adam Montufar, Managing Director, exclusively represented the owners in the transaction.
“We continue to experience significant demand for lodging investment opportunities in the greater Indianapolis metro. This is our fourth successful sale in the market in the last year with an existing listing currently available in Castleton,” commented Montufar.
The two-story, 88-room, hotel opened in 1984 and was converted to alternative housing in 2012. The property will be shut down for an extensive renovation near term and is expected to reopen as a fully renovated Hawthorn Suites by Wyndham in early 2017.