CARMEL, Ind. (Inside INdiana Business) — The city of Carmel says construction of a boutique hotel at Carmel City Center is on schedule, however the budget for the project has grown. The Hotel Carmichael is scheduled to open in May with a new estimated cost of $58.5 million, about $20 million higher than the initial budget.
The city cites “a variety of economic factors” as reasons for the budget increase, including a national increase in construction costs and local spikes in labor costs and tariffs on imported materials and goods.
“The same factors that have led to a…