Big three’ give high marks to IAA as new hotel structure takes shape

“Excellence isn’t always obvious in the moment—but when you step back and look at what’s been accomplished, it’s clear we’ve built a solidly strong financial platform,” Thomson said during the September IAA board meeting. “We’ve reduced debt, increased reserves, and positioned ourselves to continue to deliver public value built on sound financial management.”

Each of the big three rating agencies – Fitch Ratings, Moody’s Investor Services and Standard and Poor’s Global Ratings — have assessed the IAA with a “stable outlook” ranging from A+ to A. IAA’s credit rating reflects a strong financial position and a stable, diverse market.

Thomson, who is also the IAA senior director of finance, explained to board members that over the past 10 years, the IAA has increased its reserves by 88% and lowered its total debt by $127 million. It also prioritized reducing financial risk by ending all complex loan agreements. Today, the organization generates much more money annually for future capital investments—up from just $5.5 million a decade ago.

“Those changes helped us to earn a better credit rating, even while taking on new projects like the Westin Indianapolis Airport Hotel,” Thomson said.

Hotel Taking Shape

As Thomson explained inside the board room how the IAA has its financial house in order, outside the airport terminal building construction crews were busy pouring concrete to form the first phase of the ground floor of the hotel.

The first pour occurred on Sept. 18, with additional phases to be completed in late September and into October. To date, more than 24,000 manhours have been invested in the project.

“Getting the first floor underway is a big moment,” said IAA Executive Director Mario Rodriguez. “What we’re seeing now is about more than putting up walls—it’s about building something that reflects who we are as an airport and as a city. This hotel is going to be the kind of place people remember Indianapolis for, and now we’re seeing that vision take real shape.”

With approximately one-third of passengers flying out of the Indy airport before 9 a.m. and coming off record-breaking passenger traffic, this new hotel will give weary travelers a convenient overnight option to save time before their early morning flight, with elevated amenities compared to a 45-minute to an hour drive.

In February, the IAA board approved the project and respective contracts, setting the project budget at $205.8 million and ratifying the project for bond funding. Over the past four years, the IAA has gone through iterations of financial analysis and then fully designed the hotel to have a detailed budget to design, build, inspect, furnish and operate the hotel.

No tax dollars are used for the project.

Construction crews officially broke ground on the hotel project in June. The IAA anticipates the new Westin Indianapolis Airport hotel will be completed in December 2027