Keystone Group acquires the 378-room Sheraton Indianapolis City Centre at 31 W. Ohio Street with plans for a major conversion into the Renaissance Indianapolis.
Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel, situated at Monument Circle in downtown Indianapolis. The new ownership plans a multi-phase renovation to rebrand the asset as a Renaissance hotel. The project includes the construction of Indiana's first rooftop bar and pool, a complete redesign of all guestrooms, lobby upgrades, a new signature restaurant, and a pedestrian skywalk connection linking the hotel to 120 Monument Circle.
The initiative also involves exterior façade restoration and upgrades to the existing 537-space public parking garage. Renovations are expected to span approximately two years, with the hotel remaining operational throughout the construction process. This acquisition is part of Keystone Group's broader strategy to establish an interconnected, four-property district surrounding Monument Circle, which includes their existing InterContinental Indianapolis and 220 Meridian Tower properties.
Schahet Hotels CEO Jeffrey Brown discusses the company's collaboration with Ball State University for The Cantio hotel project in Muncie.
Construction of the $510 million Signia hotel, the Indiana Convention Center addition, and a new skybridge in Indianapolis is on schedule for an autumn 2026 completion.
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