Keystone Group has scooped up the Sheraton Indianapolis City Centre Hotel on Monument Circle and plans to overhaul the downtown high-rise and rebrand its operations. The deal drops another marquee hospitality property into the local developer’s portfolio as Keystone keeps reshaping the city’s core. It also signals a broader push to polish Indianapolis’ hotel scene ahead of a packed convention calendar.
On Friday, Indianapolis Business Journal reported that Keystone Group had closed on the downtown Sheraton and is planning a renovation and rebrand. According to the report, specifics on the new flag and renovation schedule were still being hammered out.
About the Property
The building in question is the Sheraton Indianapolis City Centre Hotel at 31 W. Ohio St. Visit Indy lists the property with 378 guest rooms and 41 suites. The hotel’s Marriott listing highlights a rooftop pool and sizable meeting space that help position it as a reliable convention-area workhorse. Those features make the tower a visible anchor on Monument Circle and a frequent home base for conference crowds.
Keystone's Plan and Timeline
Keystone plans to overhaul and rebrand the Sheraton, but has not yet publicly identified which hotel flag will replace the Sheraton name or when construction will kick off. The developer has framed the acquisition as part of a larger strategy to upgrade downtown hospitality options. Additional specifics, including whether the hotel will temporarily close during renovation work, have not been released.
A Familiar Playbook
This is not a new move for Keystone. The company led the historic Illinois Building conversion that opened as the InterContinental Indianapolis after a roughly $120 million restoration. IHG credits Keystone with that project and frames it as part of a push into premium hospitality. Buying and repositioning an existing hotel fits neatly into that same redevelopment pattern.
Market Context for Hotels
Industry reporting shows a stream of new and converted hotels in the Indianapolis pipeline even as performance metrics shift. Newmark’s market report lists the InterContinental as a recent full-service addition and lays out several other projects that are moving ahead. Newmark data also points to RevPAR pressure in the market even as new rooms come online. That mix of growing supply and uneven performance often makes targeted renovations and rebrands an appealing play for owners chasing higher rates and group business.
For now, the Sheraton remains a prominent downtown presence. Keystone’s next steps will determine whether the property emerges as a refreshed convention-era workhorse or takes on a different role in the local hospitality mix. Expect permitting activity, branding announcements and a clearer construction schedule to surface in the weeks and months ahead as the company locks in its plans.
