9/13/2023 0 Comments Who owns hotel indigoHotel Indigo is an upscale, full-service brand, so you can expect to at least find a gym, bar and restaurant at the property. So, I’ll share my experience with Hotel Indigo and what you can expect! That’s says less about the hotels, and more about the intentions of the brand and the type of guests it’s trying to attract. At Hotel Indigo we’re all about neighbourhoods, and take every opportunity to share them with our guests… The brand is at home in city centers, urban, and strong suburban environments… ” They are each designed to reflect the local culture, character and history of the surrounding area. In their own words, “ Just as no two neighbourhoods are alike, no two Hotel Indigo properties are alike. So far, over 60 Hotel Indigo have opened around the world, with the majority in the US and over 60 are in development! Still, Hotel Indigo has a higher ratio of hotels in Europe and Asia than IHG overall! Indigo hotels are upscale, full service properties, positioned below the banner brand Intercontinental and on the same level as the (pretty boring) Crowne Plaza. So, who are they? Intercontinental Hotels Group (IHG) launched the Indigo brand in 2004 to enter the boutique hotel market. Compared to the mainstay Holiday Inn and Holiday Inn Express hotels, Indigo is much more stylish! And, surprisingly for a large chain, each Indigo hotel is unique and styled to reflect its location! That’s a refreshing change from the cookie-cutter very standardized properties you find from most global hotel chains! Read on to find out who they are and what you can expect! The church would be demolished to make way for the hotel.Indigo is the boutique hotel brand of the Intercontinental Hotels Group (IHG). The company is proposing to build a new hotel on 3.62 acres of property currently home to Resurrection Life Church behind Books-A-Million. The project was proposed by North Michigan Hospitality Management, a group that also manages Fairfield Inn & Suites by Marriott Traverse City next to Sam’s Club. The property includes the four-story, 179-room hotel and 600 feet of West Grand Traverse Bay frontage.Ī new three-story, 95-room Fairfield Inn is being proposed in the Crossing Circle shopping center in Garfield Township. But sources in the industry say the hotel is for sale for more than $20 million. West Bay Beach, A Holiday Inn Resort has been listed for sale the asking price is “undisclosed,” and inquiries to the listing agent were not returned. It’s difficult for me to say without knowing the hotel’s revenue, but for an established investor like this to make the purchase, my guess would be that the numbers justify. acquires and owns a “diversified portfolio of hospitality properties consisting primarily of existing extended-stay, select-service, and compact full-service hotel properties that are classified in the ‘upper midscale,’ ‘upscale,’ and ‘upper upscale.’”Ĭommenting on the sale and the sale price, local commercial real estate broker Kevin Endres of Three West tells The Ticker, “Someone builds something like this for 'x' and sells it for 'y' based less on the real estate and more as a business investment and on the ongoing revenue. The acquisition marks Procaccianti Hotel REIT’s first Michigan hotel the company has owned, operated, developed, or financed hotels and other properties in other 30 states.Īccording to its website, Procaccianti Hotel REIT, Inc. Jeff Schmitz, who originally developed, built, and was an owner of the hotel, declined to comment on the sale. Since its opening, Hotel Indigo has posted strong occupancy numbers, and its rooftop bar has been popular among locals. “We believe that the Hotel Indigo Traverse City is an exceptional, new vintage property with multiple built-in demand drivers – its rooftop bar, extraordinary design features, and other amenities make this premium- branded, select-service hotel a strong addition to our portfolio,” says Procaccianti Chief Financial Officer Gregory Vickowski.Ĭonstruction of the hotel took four-plus years, as delays occurred with financing and environmental contamination in the soil and groundwater, which was subsequently cleaned up. Hotel staff that remained after the sale are now employees of TPG Hotels & Resorts, the new hospitality management company operating the hotel. The hotel, which opened in May 2016, was built for an estimated $17 million. purchased the 107-room hotel from Grand Traverse Hotel Properties on August 15 for $26.05 million. Rhode Island-based Procaccianti Hotel REIT, Inc. Traverse City’s Hotel Indigo has been sold. Hotel Indigo Traverse City Sold For $26 Million By Luke Haase
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