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DENO YIANKES PRESIDENT, CEO – INVESTMENTS & DEVELOPMENT.

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Presentation on theme: "DENO YIANKES PRESIDENT, CEO – INVESTMENTS & DEVELOPMENT."— Presentation transcript:

1 DENO YIANKES PRESIDENT, CEO – INVESTMENTS & DEVELOPMENT

2 Marriott Place Development Downtown Indianapolis Genesis of Project { } History/Prior Experience in Market Acquisition of Downtown Howard Johnson hotel in 1987 Expansion of Convention Center in 2000/RFP for new Convention Hotel; Republican National Committee Development/Opening of Marriott (622 keys) Indianapolis downtown in 2001 White Lodging Firsts franchise operated Marriott Convention Hotel full service ground up development public/private partnership

3 Marriott Place Development Downtown Indianapolis { } Development and Operational Success in INDY spurs Owners Confidence 9 additional select service/extended stay hotels in INDY market 5 additional full service hotel developments across country Development/opening of 616 unit Marriott Convention Hotel Downtown Louisville in 2005 Public officials desire to spark real estate development/provide further support for Kentucky Convention Center Public/Private partnership RLJ Transaction: Game Changing Event 100 Hotels; $1.7 billion Sale Long Term Management Agreements Stability/Liquidity for Ownership

4 Marriott Place Development Downtown Indianapolis { } Indianapolis announces plans to expand convention center, add new football/entertainment stadium Cements position as Midwests premier convention market (behind Chicago). Total gross square footage nearly doubles from 686,000 to 1.2 million including Lucas Stadium. Issues RFP for public/private development of new convention center hotel with a minimum of 800 guestrooms. Submits proposal to host Citys first Super Bowl in Selected as RFP winner with 1005 JW Marriott proposal in early 2007.

5 Indianapolis: Raising the Game…..

6 Indiana Convention Center 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 pre- function 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.

7 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 Fridays 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 Fridays 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:Document deal/approvals with city; complete design and architectural plans (Financing, keep Courtyard building?) May 2008:Commence construction and pre-opening sales/marketing strategy for JW Marriott February 2010:Fairfield Inn & Suites/TGI Fridays, SpringHill Suites/Courtyard by Marriott opens (NCAA Final Four Mar/April) February 2011:JW Marriott opens with nearly 500,000 group rooms on books

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