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Unable to line up office tenants for the historic Fletcher Trust Building downtown, Indianapolis businessman Carl Ritchie now is pursuing turning it into a Ramada hotel with as many as 200 rooms.
The development, estimated to cost $12 million to $15 million, would give the Ramada its first presence downtown since the Ramada Plaza Hotel near Monument Circle was renamed the Radisson Hotel City Centre last winter.
"I think there is a pretty good chance it will happen," said Larry Gigerich, Mayor Steve Goldsmith's executive assistant for economic development.
"Ramada is very, very interested in this. Carl's hotel people are doing a final analysis on the numbers. If the numbers hold up, I think it will move forward."
Under the preliminary plan, a large number of the rooms would be suites. Ramada officials and hotel consultants believe that market is underserved downtown.
The Simon family owns the 360-room Embassy Suites, but that is pricier than Ramada. Ramada officials believe the market needs more midpriced suites to serve families visiting downtown attractions and businesspeople planning extended stays.
Ritchie--who owns Indianapolis-area Dollar Inns, as well as a Ramada on the south side, a Days Inn on the northwest side, and Howard Johnsons on the east and west sides--could not be reached.
Dick Keegan, who helps direct Ritchie's hotel operations, said: "There are still too many factors outside our control...