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Hunden Partners finds demand for an upscale, boutique hotel in downtown Zionsville; recommends ~80 rooms and 7,000 sq ft of function space
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Summary
Hunden Partners delivered a feasibility study recommending Zionsville pursue an upscale, downtown boutique/full-service hotel — an initial scenario of about 80 rooms with roughly 7,000 square feet of function space was presented.
Hunden Partners presented findings from a hotel feasibility study commissioned by the Zionsville Redevelopment Commission showing demand for an upscale, downtown boutique or full-service hotel. Ryan Sheridan (Hunden Partners) summarized market analysis, stakeholder interviews (including Discover Boone County and local corporate leaders) and competitive benchmarking in the broader Indianapolis region.
Key recommendations: The consultant presented three modeled scenarios; the initial recommended scenario included about 80 rooms and approximately 7,000 square feet of function space (including a roughly 4,000-square-foot ballroom plus 3,000 square feet of additional meeting breakout rooms). Hunden noted that many comparable downtown boutique hotels that succeed pair larger function/banquet capacity with walkable downtown amenities and brand affiliation to market to regional audiences.
Market context: Hunden’s analysis cited strong leisure weekend demand in the immediate market and identified a midweek opportunity driven by corporate and group business; the consultant pointed to competition drawing room nights to nearby Westfield, Carmel and Indianapolis and said the local market has seen roughly 38% population growth since 2010 with projected further growth. The presentation referenced examples such as the Carmichael, Bottleworks and Nickel Plate projects as benchmarking case studies for upscale/boutique performance.
Amenities and brand: The presentation recommended consideration of full-service amenities (restaurant, rooftop dining/cocktail spaces, possibly a spa) and suggested that affiliation with a larger flag (for example, Marriott or Hilton family brands or their boutique/collection flags) could help market the product outside the immediate region. The consultant also cautioned about potential needs for structured parking depending on site choice, and noted higher construction costs for upscale product types.
Next steps and town role: Staff and Hunden Partners described the town’s role as facilitator and partner rather than primary developer. Because the town does not currently have site control, the likely path is to work with landowners and private developers; if a financial gap exists between costs and feasible private return, staff said the RDC could evaluate limited public participation. The RDC staff also noted that the 2026 budget could contemplate resources if an opportunity crystallizes.
Speakers quoted: "We see a large opportunity in the downtown area for such a product," Ryan Sheridan said; Hunden’s presentation included the specific room and function-space scenarios and identified next-step analysis to match financing tools to any identified gap.
Ending: Staff and consultant said they will continue site identification and financial modeling and stand ready to assist developers and landowners as proposals materialize.
