The Position
The 167-room Kimpton planned for the Odd Fellows building at 1 N. Pennsylvania St. can hold a rate premium downtown. Three conditions carry the position, and each one is visible on the public record.
The Meeting Floor Is the Lever
The hotel will carry about 4,500 square feet of ballroom and pre-function space on a double-height 15th floor, per IBJ. Visit Indy lists 2,500 square feet of ballroom and pre-function space on the same floor. Two publishers print two areas for one room, and a procurement lead books against the smaller published figure.
Ask for a written area and the measurement standard behind it. Ask for the pre-function space to be named separately from the ballroom, because the two sell against different attendee counts.
The Rooftop Carries Its Own Revenue
The cocktail lounge holds more than 300 guests and runs on a dedicated elevator with a private room. Studio Collective leads that space, and IBJ describes the aesthetics as Mediterranean-inspired. The first-floor restaurant concept was not finalised at the article date.
Event and beverage revenue on the top floor supports an average rate that the room count alone will not carry. Ask for the rooftop buyout terms and the weather contingency in the contract.
What the Buyer Holds Across the Market
Downtown occupancy averaged 64.7 percent against a U.S. average of 62.4 percent, with a daily rate of $209.11, per Bradford Allen's 19 March 2026 report citing Downtown Indy Alliance and CoStar and STR data. A buyer negotiating downtown carries that demand base into the room rates.
Two IHG properties will sit in the same market. Kimpton is IHG's luxury brand, and IHG runs the InterContinental Indianapolis that opened in 2025 at Market and Illinois Streets. A buyer running both into one request for proposal holds a rate ladder across one loyalty programme.
What the Conversion Retires
The building held office floors for many years. Designs approved in August 2019 by the Indianapolis Historic Preservation Commission added a slim, 18-story addition on the north side. The record does not quantify the office space the conversion removes. IBJ prints no square footage for the office floors, no vacancy figure for the building and no tenant roster. Centier Bank appears as a longtime tenant in the 2018 and early 2019 dispute that the parties settled out of court.
Other conversions take the same route. Holladay Properties is set to convert most of the Circle Tower building on Monument Circle to an AC Hotel. The owners of Capital Center at 201 and 251 N. Illinois St. plan at least $30 million for a Moxy hotel in one of the towers. Silverstone's own $60 million Motto takes the King Cole building at 1 N. Meridian St.
Downtown adds another 2,300 rooms if every planned development moves forward, an increase of more than 25 percent, per IBJ. A procurement lead prices a block against that pipeline.
The Position and Its Falsifiers
The premium holds while the meeting floor and the rooftop carry their own revenue and while the added supply meets demand that runs above the national average. It narrows when the event floor underdelivers. It narrows when the newer convention inventory takes the rate growth the market recorded in its last full year of data.
Three numbers would close the argument. A published rate structure for the 167 rooms. A group booking pace for the 15th floor. One agreed area for the ballroom and the pre-function space.
The record carries none of the three at the article date, and a model guest room still awaits approval from Kimpton and IHG.