Barings and Apollo Affiliates Provide $113 Million Debt Package for Westin Indianapolis

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Barings, one of the world’s largest diversified real estate investment managers, announced today that it has jointly originated a $113 million debt package alongside affiliates of Apollo (NYSE: APO) to refinance the Westin Indianapolis (the “Hotel”) in downtown Indianapolis. An affiliate of KSL Capital Partners (“KSL”) has owned the Hotel since 2019.

The loan was structured with mezzanine and senior mortgage components. Barings funded the mezzanine component of the loan, with Apollo affiliates originating the senior portion.

“We are excited to partner with Apollo to provide this financing for KSL, a best-in-class hospitality investor,” said Daniel Hedgepeth, Director with Barings. “We view the Hotel as a high-quality asset in a prime downtown location, offering direct connectivity to the Indianapolis Convention Center. We consider fundamentals in the Indianapolis hotel market to be healthy with a favorable supply environment and strong growth in demand with the continued recovery of business and group travel. With extensive property renovations completed in recent years, we believe the Westin Indianapolis is well-positioned for strong future performance.”

The Westin Indianapolis is located in the heart of downtown Indianapolis and surrounded by many of the city’s primary demand drivers such as the Indiana Convention Center, Circle Centre Mall, Lucas Oil Stadium, and the Indiana Statehouse. Originally built in 1989, the Hotel was fully renovated from 2020-2022. The Hotel features 575 guestrooms, 48,300 square feet of total event space, a new food & beverage outlet, and a recently renovated fitness center.

Eastdil Secured advised the sponsorship on the financing.

This transaction expands Barings’ 23.5+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.

About Barings

Barings is a $421+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of December 31, 2024

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Source: Barings