What the Keys Enter
The Kimpton at 1 N. Pennsylvania St. carries 167 guest rooms in an 18-story building and a $110 million budget. The developer targets a late 2026 delivery, and IBJ published that target on 2 December 2025. Visit Indy lists the same hotel at 167 rooms with an anticipated opening in 2027.
Two publishers date the delivery a year apart. A revenue leader building a 2027 rate position carries both years.
The Pool the Rooms Join
Bradford Allen's Indianapolis lodging report, published 19 March 2026, carries the market read. It cites a Downtown Indy Alliance snapshot prepared from CoStar and STR data. Downtown occupancy averaged 64.7 percent against a U.S. average of 62.4 percent. RevPAR reached $135.20, a 13 percent year-over-year increase. The daily rate averaged $209.11, a 12 percent increase.
Demand reached 8.1 million room nights in the 12 months to mid-2025, more than 580,000 above the market's pre-COVID peak.
Supply moves with demand. The pipeline at mid-2025 held more than 1,500 rooms under construction, 3,402 rooms in final planning and 3,220 proposed, per the same report. IBJ counts nearly 8,900 rooms downtown and another 2,300 in planned developments, an increase of more than 25 percent.
Named deliveries sit inside those counts. Visit Indy lists the Motto at 116 rooms for 2026 and the Renaissance at 378 rooms for 2028. Its Signia by Hilton card reads 800 rooms, and its convention center expansion entry reads 803-room with a December 2026 delivery.
What the Property Sells
The 15th floor carries about 4,500 square feet of ballroom and pre-function space, per IBJ. Visit Indy lists 2,500 square feet of ballroom and pre-function space on the same floor. Two publishers print two areas for one room.
The rooftop bar holds more than 300 guests, per the developer, and runs as a cocktail lounge with a dedicated elevator and a private room. Gensler leads the architectural team, with Crème on the guest rooms and Studio Collective on the rooftop bar.
The first-floor restaurant concept was not finalised at the article date. A model guest room awaited approval from Kimpton and IHG before buildout of the rooms moved forward.
The Channel Position
Kimpton is IHG's luxury brand. IHG also runs the InterContinental Indianapolis, which opened in 2025 at Market and Illinois Streets. The market then holds two IHG luxury properties under one loyalty programme.
The capital package shapes the rate the property has to hold. The cost is $110 million against the original $57 million planned investment by Loftus Robinson, and the project carries a $13.4 million tax-increment financing pledge from 2022. The federal historic tax credit amount is unspecified.
What the Record Leaves Open
Five items carry no figure. IBJ prints no construction start beyond work on the current iteration from late 2024. No publisher prints a rate structure for the 167 rooms. The historic tax credit amount is unspecified. The model room carries no approval date. No publisher attaches an occupancy or average-rate effect to the rooms.