Originally, construction was halted in the spring of 2019 after developer Loftus Robinson ran into major financial struggles. Despite hopes that a new partnership would help move the project forward by 2021, progress remained stalled. Instead, what’s left of the Wilshaw Hotel today is an incomplete steel structure, surrounded by a chain-link fence in the heart of beautiful Speedway.
Understandably, residents and business owners in Speedway are growing increasingly frustrated, with many concerned that the Wilshaw Hotel may never come to fruition. The problem, however, isn’t as simple as poor planning or a lack of interest. Financing has proven to be the most significant barrier. The project was delayed in part due to difficulties securing funds, and the situation has been exacerbated by the broader economic climate, including supply chain disruptions and the pandemic’s lingering effects. As a result, the vision for the Wilshaw Hotel has been perpetually put on hold.
Even after a new developer took over, progress remained elusive. The company faced its own set of challenges in securing construction loans, often running into roadblocks in an unpredictable credit market. Developers have been working for years to secure a viable financing package, but the market has been unforgiving, with lenders unwilling to take on the risk of such a large, unfinished project.
In an attempt to get things moving again, earlier this year the town of Speedway stepped in. The local government proposed a $2 million loan to help fund the restart of the project. However, legal and financial complications have delayed this support, and the town is now carefully evaluating whether to move forward with any economic development incentives.
The question remains: what will become of the Wilshaw Hotel? It’s clear that Speedway has invested a lot of time and energy into trying to bring a hotel to the area. After all, this is a location that should have been an attractive spot for development. The potential for a hotel near IMS, especially given the annual influx of visitors during events like the Indy 500, is huge. And yet, for all the anticipation, the Wilshaw Hotel remains stuck in a state of permanent pause.
What do you think should happen to the Wilshaw Hotel? Let us know!
