Keystone Group has purchased the Sheraton Indianapolis City Centre Hotel, a 378-room hospitality asset situated on Monument Circle in downtown Indianapolis at 31 W. Ohio Street. Following the acquisition, the company intends to reposition the property under the Renaissance Indianapolis flag, marking a comprehensive transformation of the existing full-service hotel.
The new owner is planning a multi-phase renovation program that will touch nearly every area of the property. Early plans call for significant upgrades to the hotel’s ballrooms and meeting and event facilities, aiming to refresh group and event capabilities in this prominent downtown location. A redesigned grand arrival sequence and lobby experience are also slated, signaling a more contemporary guest arrival and check-in environment.
Keystone Group’s improvement plan extends beyond interior public spaces. The project includes a reimagined rooftop pool, which is expected to enhance the property’s leisure and social offerings, as well as major work on the on-site public parking component. The 537-space public parking garage connected to the hotel is scheduled for substantial improvements as part of the overall repositioning effort.
Guest accommodations are set for a full overhaul. All 378 keys, including guest rooms and suites, will undergo complete redesigns as part of a luxury-focused upgrade strategy. The scope of work encompasses both interior and exterior areas, with plans for luxury-level enhancements throughout the property and a comprehensive restoration of the building’s facade facing Monument Circle and the surrounding streets.
Food-and-beverage and street-level programming figure prominently in the repositioning. The renovation will add a new ground-floor restaurant, along with a lobby-level coffee shop and café designed to serve both hotel guests and the surrounding downtown workforce and visitors. A planned pedestrian skywalk connection to 120 Monument Circle will create a direct, weather-protected link between the hotel and a nearby building, further integrating the asset into the downtown Indianapolis urban fabric.
Commenting on the acquisition and renovation plans, Keystone Group Founder and Owner Ersal Ozdemir described downtown Indianapolis as entering a new phase of growth and broader international visibility, noting that hospitality assets such as this Monument Circle hotel will remain important contributors to the city’s next chapter.
