The Illinois Building Reopens With 170 Rooms
The InterContinental Indianapolis opened at 17 West Market Street after a restoration the brand priced at $120 million. The release dates the first stays to 20 February 2025 and states that Keystone Group substantially completed construction in 2024.
The Indianapolis Business Journal timed the public debut to Monday 24 February 2025 and priced the rehabilitation at $110 million, with work begun in 2018. Keystone's portfolio page states that the developer re-opened the building in 2024.
The restoration added a rooftop floor. The release describes an 11-story hotel with the historic entry preserved. The exterior is granite and limestone with Moderne bas relief panels and a gold-glazed terra cotta cornice. Brass doors with grillwork sit against alabaster panels. Interior work added bespoke Murano chandeliers, a hand-blown glass chandelier suspended three stories from the second-floor lobby, and Italian marble through the public spaces.
The Endangered Landmark Record
The release states that the Illinois Building was listed as one of Indiana's 10 most endangered landmarks before Keystone Group bought it. Keystone's page repeats the listing and adds that the building was abandoned in 2002.
Historic Hotels of America records the property as opening in 1926 and lists it as a member since 2025. That page describes the Landmark Lobby and the gilded terracotta cornice as preserved features and places the building on Market Street between Monument Circle and the Indiana State Capitol.
The publishers do not agree on the building's date. Historic Hotels of America and Keystone's page both carry 1926. The Business Journal dated the building to 1925 in its February 2025 reports, and the brand's release calls it a 100-year-old building.
The Rooms and the Restaurants
The hotel holds 170 guest rooms and suites. The release lists 300 thread count linens, Black Label BeautyRest mattresses, a walk-in shower in every room, soaking tubs in selected suites, double vanities, a full wet bar, a Nespresso machine, a curated mini bar and BYREDO Bal D'Afrique amenities.
Astrea occupies the 11th floor with indoor and outdoor space and views of the Soldiers and Sailors Monument. The release describes it as the city's first rooftop bar overlooking Monument Circle. Serliana serves breakfast, lunch and dinner on the second floor. Hyde Park Steakhouse runs on the ground floor. Chef Craig Baker leads all food and beverage, a role the Business Journal reports he took in 2024.
Meeting and event space runs over 5,000 square feet and includes a 2,500-square-foot ballroom and an executive boardroom. The release counts the property as the city's only Penthouse Suite on a private floor and the home of the largest Presidential Suite in the city.
The Cost Figures on the Record
The brand's release carries $120 million for the restoration. The Business Journal carried $110 million in its February 2025 report on the opening. The same publication carried $101 million in its 20 February 2025 preview, where it described six years of development against the pandemic and rising construction costs.
That preview gives the earliest figure. Keystone originally planned a $61 million hotel inside a two-project package that included an $80 million conversion of the AT&T building at 220 North Meridian Street to apartments. The two projects were expected to cost $141 million together, with $16.7 million contributed by the city.
Each figure carries its own publisher and date. No publisher has restated another's number.
What the Record Leaves Open
No source breaks out the cost of the rooftop addition against the rest of the restoration. No source states the value of the redevelopment investment tax credits Keystone sought. The $141 million package has no published split between the Illinois Building and the 220 North Meridian conversion. The 150,000 square feet comes from Keystone's page, and no other publisher carries a square-footage figure.