RitzCarlton has signed a multi-million-dollar deal with the Indianapolis Economic Development Authority to build a luxury hotel on the site of the former Marriott Hotel in Indianapolis.
The deal, which will be in place by 2021, will bring 250,000 square feet of retail and hotel space to the site, along with 150 apartments.
It’s also expected to include a hotel lobby, meeting rooms and conference rooms.
The company said it will invest $1 billion to build the hotel.
The agreement was announced during a news conference held at the Ritz in Indianapolis today.
Ritz-Keeper Chairman and CEO David Ritchie said the company has been investing in Indiana for the past two decades.
“Indiana has a strong economy that’s been built on hard work, talent, innovation and innovation that delivers economic opportunity and opportunity for families,” Ritchie told reporters.
“This investment is a big step forward in creating a state-of-the-art, world-class hotel and our commitment is to be a leader in the region and around the world in providing world-leading facilities and services.”
Indianapolis Mayor Greg Ballard, who chairs the board of the Indianapolis Economic Development Agency, praised the deal.
“It is an exciting opportunity for the Indianapolis area and the state of Indiana to continue to grow and thrive while maintaining the status as the world’s leading hotel destination,” Ballard said in a statement.
“Ritz will help create jobs in our region and to enhance our overall economic vitality.”