Hotel Carmichael Case Study
A public-private partnership between the City of Carmel and Pedcor Companies created a legacy asset in the fast-growing suburb of Indianapolis.
Hotel Carmichael Case Study Summary:
The Hotel Carmichael is the result of a successful public-private partnership between the City of Carmel, Indiana, and developer Pedcor Companies. This 122-room hotel featuring numerous dining outlets and a live music venue partnership with Michael Feinstein, is part of a larger mixed-use development that includes multifamily/residential, office, retail, public parking, and the Palladium Center for the Performing Arts. The Hotel Carmichael adds a necessary piece to the development plan and provides over 100 Fortune 500 company headquarters in Carmel with a new and highly elevated lodging option. Coury Hospitality provided pre-opening consulting support to the project as well as consulting on design, Furniture, Fixtures & Equipment, special planning, and currently acts as the hotel manager.
Hotel Carmichael Case Study Findings:
For years, Carmel leadership worked diligently to muster public support and funding for a luxury hotel to elevate the City Center development and provide the business and leisure travelers with a lodging option that accurately reflects the city. Carmel boasts one of the largest concentrations of Fortune 500 headquarters and city leadership has maintained their focus to make Carmel a “cutting-edge” city. With the public support and funds secured, the City of Carmel partnered with local developer Pedcor to start the development of the Hotel Carmichael. The project was planned to aide in the continued development of Carmel as a top-tier suburb and assist in attracting additional corporate headquarters and business teams.
Coury Hospitality acted as hotel expert and preopening to the Carmel Redevelopment Commission, the lead developing partner for the project. Coury Hospitality was very active in the architectural and interior design process and provided support on all project discussions, including owner/architect/contractor (OAC) calls and site visits. Coury also acted as the main conduit between the project and franchisor Marriott International. Project budget was a key factor in this project and Coury assisted the ownership team with financial projections and feasibility, as well as balancing the overall project budget. As consultant, we also provided guidance through the value engineering phase, overall resulting in an award-winning hotel.
The Hotel Carmichael opened to rave reviews from locals and travel industry influencers and key stakeholders alike. The first Autograph Collection hotel in Indiana and one of Conde Nast’s top new hotels, the Hotel Carmichael enjoys iconic status in the region. The 122-guest rooms are lavishly appointed and offer the finest in amenities, including voice-activated smart home technology. The hotel boasts an irreplaceable location in the heart of downtown with walking access to the Monon trail, a walking and biking bath leading to downtown Indianapolis, and the Palladium performing arts center, also home to the American Songbook Foundation and Museum. Inside the hotel, gorgeous architecture awaits guests and offerings include Adagio Lounge, perfect for cocktails and gatherings, Vivante French restaurant and Feinstein’s at Hotel Carmichael, a live-music venue partnership with legendary entertainer Michael Feinstein. Opening a hotel during the pandemic posed exponential challenges, but the Hotel Carmichael succeeded and currently enjoys a RevPAR penetration of 140.3% YTD 2021 and 129.2% penetration during the running 12 months.