HOT SPRINGS — The developer working to turn the Majestic Hotel in downtown Hot Springs into condominium units says a new investor is on board and work should start in the spring.
Cynthia Stone of The Arc Arkansas firm told the Sentinel-Record on Wednesday that the sour economy and lack of availability of funds contributed to stalling the project.
The Majestic operated for 124 years before closing in 2006. It is owned by Southwest Hotels Inc., which also owns the Arlington Hotel.
Plans call for converting the hotel into about 150 condos, with retail storefronts on the ground floor.
Stone says the new investor will be named publicly next month.