Topping Off Ceremony Marks Major Step Toward 2027 Opening

Members of Ice Miller's Public Finance team joined leaders from the Indianapolis Airport Authority (IAA) and The Indianapolis Local Public Improvement Bond Bank to celebrate a major construction milestone on Thursday, May 14, as they joined the topping off ceremony for the new Westin Indianapolis International Airport Hotel — a significant project financed with bonds on which Ice Miller served as bond counsel.

Ice Miller’s Role in Indiana Financing

Ice Miller partners Tyler Kalachnik and Amy Corsaro, along with Senior Counsel Philip C. Genetos, were on hand at Indianapolis International Airport to celebrate the occasion, which signifies the completion of the building's structural framework and a pivotal step toward the hotel's anticipated opening in December 2027.

Ice Miller served as bond counsel to the Indianapolis Airport Authority (IAA) and The Indianapolis Local Public Improvement Bond Bank on the financing of the project which included:

• Issuance of three revenue bond series totaling $293.6 million to fund in part this transformational project
• Funding backed entirely by general airport revenues
• No taxpayer dollars used

Project Overview: Enhancing the Airport Experience

The 253-room Westin Indianapolis International Airport Hotel will connect directly to the IND terminal parking garage, offering travelers seamless airport access.

Key property features include:

• A full-service restaurant
• A seventh-floor bar and lounge with panoramic airfield views
• Approximately 10,000 square feet of meeting space
• A fitness center
• Dedicated parking with valet service

In addition to improving the traveler experience, the project is expected to:

• Generate 1500 construction jobs, and roughly 140 permanent jobs to help operate the hotel upon opening, 
• Further strengthen the airport's role as an economic engine for Central Indiana.

A Unique Legal Structure

The project presented a unique legal challenge requiring an innovative financing approach.

1. Ice Miller's team navigated extensive negotiations with both the hotel franchisor, Marriott, and the operator, Wischermann Partners, ensuring compliance with federal tax law, regulations and guidance. 
2. Avoiding private activity bond classification was critical, as private activity hotel bonds are not tax-exempt. 
3. By structuring the bonds as general-purpose obligations, Ice Miller helped the IAA:
   1. Preserve the tax-exempt status of the financing
   2. Deliver meaningful savings
   3. Utilize a financing structure that provided a comparably lower interest rate than taxable financing

The Attorneys Involved in the Project

The matter was led by Amy Corsaro, with support from Philip C. Genetos, Tyler Kalachnik, Veronica Hubartt, Susan Price, Audrey Howard (Litigation), and Steven Jones (REEL) — demonstrating the cross-practice collaboration Ice Miller brings to complex public finance engagements.