I believe this is the old Pink Violet Motel. It's now part of the Country Manor Apartments.

The motel was owned by Mrs. Violet Pinkerton, according to the March 3, 1967 edition of the Journal and Courier (Lafayette, IN). Mrs. Pinkerton filed a complaint against Mr. Dick Dean Thurston for leaving a two-night stay unpaid for and keeping the room key. Mr. Thurston was hauled to Justice of the Peace Court at Wolcott and ordered to return the key and pay for the two-night stay. No word on if Mrs. Pinkerton received the key or the money.

Hah! My uncle Dick got tossed from a few motels for non pay and for working on his car in the room. It's always interesting to find out how the small motels got their names. Many were named after the owner in some fashion. I think this is the first time I have seen the whole name but reversed. There are vintage postcards for this motel, probably how I found the name.