Speedway hotel construction expected to resume after collapse of financing

SPEEDWAY, Ind. (WISH) — Work is about to rev up on a stalled hotel project near Indianapolis Motor Speedway.

“It has been an eyesore, especially when we have over 300,000 visitors coming through this area in the month of May. They want to know what’s going on,” Speedway Town Council President Vince Noblet said.

For years, the structure that’s located near West 16th Street and Main Street has been sitting in front of IMS unfinished. Town leaders say that’s about to change.

“I’m elated that we’re at this point now where we can … restart this program,” Noblet said.

“I knew what drew me to Speedway and that’s going to draw so many more people,” James Payne, managing partner at Halo Concierge, said.

The developer Hotel Equities is taking over the project. Noblet says the current developer — Loftus Robinson — stopped construction on the hotel in June 2019 after its financing collapsed.

“It’s been a challenge ever since then … to work with a developer, of course, to reestablish financing to get the project going,” Noblet said.

“There’s going to be an awful lot of demand for an opportunity to stay at this hotel, and when we have race cars on track during the weekends,” IMS President Doug Boles said.

Businesses like IMS say this hotel is much needed.

“We’re right in the middle of a big city, but one of the things we’ve lacked here real close to the speedway was that hotel for people that didn’t want to go downtown or they didn’t want to stay out by the airport, so having this as an option is a pretty big deal for some of our fans,” Boles said.

“It also turns around and gives employment to local area residents. It would be great if you could just walk to work,” Payne added.

Construction is expected to begin in January of next year. It would be completed by 2023.