The city of Hot Springs said Tuesday that it has assumed ownership of the Majestic Hotel, which sustained major fire damage to a portion of its structure last year.
According to a statement, the sales price for the property in downtown Hot Springs was $1,615,000.
"After a reduction in the amount of $935,000 as a donation from the seller, and other credits toward the purchase price, the city's cash outlay was $672,782.90," the statement reads in part.
Officials will begin removing the partially demolished "yellow brick portion" of the Majestic Hotel soon after closing documents are filed and the deed recorded on the property, the city said.
The Hot Springs Board of Directors voted July 7 to purchase the property from Park Residences Development LLC.
Read Wednesday's Arkansas Democrat-Gazette for full details.