Original developers buy back Indianapolis Marriott

(Indianapolis Marriott Downtown)

The Indianapolis Marriott Downtown is being sold to White Lodging Services and REI Investments.

LaSalle Hotel Properties is selling the hotel for $165 million. Both buyers signed a contract for the hotel, and the transaction is expected to close early Q3 2016.

The 611-room, 19-story hotel is the second largest in Indianapolis, following the 1,005-room JW Marriott Indianapolis, which was developed by White Lodging and REI. REI also was one of the original developers of the Marriott.

The Indianapolis Marriott Downtown has 33 meeting rooms that offer more than 40,000 square feet of space. The hotel also has two dining options.

LaSalle is expected to use the proceeds of the sale to pay off debt from previous transactions.