Drury Hotels acquired a 92-year-old building in Indianapolis.
Drury plans on converting the property to a hotel. The sale included an adjacent surface lot, which will be factored into the conversion. The conversion will not take place for at least three years, a plan that complies with existing leases on the property.
The building's assessed value is $4.8 million, according to the Indianapolis Business Journal. The building is within Indianapolis Historic Preservation Commission boundaries, meaning renovations to convert it to a hotel will need to be approved by IHPC.