Plans for the historic Lane Hotel in Rogers are being kept quiet a week after a company associated with the Walton family purchased the building for $1.6 million.
John Mack, JKJ Architects principal, said his company has been contracted by KLS Leasing LLC to work on plans for the building. The company has asked him not to release any information at this time, he said.
Lane Hotel history
The hotel has had several uses over the years, most recently as a retirement home. It also has had several different names, including Harris Hotel, Hotel Arkansas and Peachtree at the Lane.
KLS Leasing LLC of Delaware purchased the 1929 building on June 30 from Ninety Second L.P., a New Jersey company, according to Benton County deed documents. County documents also show that KLS Leasing LLC used a Post Office box that is often used by Walton family entities such as the Walton Family Foundation.
The Lane Hotel at 121 W. Poplar St. has sat vacant since 2003, said Craig Hull with Hull & Company Commercial Real Estate, the agent for the seller. Hull said he has been the agent for the property since 2009.
"It has been a long process," Hull said. "I'm glad that someone has it that can fix it up. I hope they can. I think it will be good for downtown."
Hull said he was unable to release any information about the purchaser or plans for the building. A call to KLS Leasing's real estate agent, Sarah Brothers with Weichert Realtors Griffin Company, was not returned Wednesday.
KLS Leasing LLC was filed in Delaware on July 15, 2014, according to Delaware state documents. The registered agent for the company is The Corporation Trust Company of Delaware.
A secretary at The Corporation Trust Company said KLS Leasing LLC is a client. She said the trust company could not provide contacts for clients. Any documents sent to the trust company's mailing address for clients would be forwarded, she said.
Mayor Greg Hines said he heard the buyer of the building was associated with the Walton family, but knew little about the sale.
"They certainly have a history of doing very quality philanthropic projects in Northwest Arkansas," Hines said. "While I may not know what will happen with the project, I am sure it will be high quality."
The sale of the building is important for downtown Rogers, Hines said.
"The building as been a component on the top of everyone's minds as we have worked through the downtown process this past year," Hines said.
The city contracted Gateway Planning of Texas to create a Downtown Rogers Master Plan last year. A draft plan mentions the Lane Hotel as a key development opportunity in the city. The plan is expected to be complete by the end of this month.
The five-story building was built in a Spanish Colonial design, according to city's website. It states aviator Amelia Earhart, boxer Jack Dempsey and actor Errol Flynn were a few famous occupants of the hotel. It was once known as the "Palace of the Ozarks."
John Burroughs, director of the Rogers Historical Museum, said the hotel has been a landmark for Rogers throughout history.
Construction on the building started in 1928 by its original owner S. A Lane of Little Rock, Burroughs said. Construction costs were estimated at $150,000, he said.
"People saw the place as a destination," Burroughs said. "It was once used as a prize on a game show for a newlywed couple."
The building could have deteriorated if it sat vacant for much longer, Burroughs said. The recent purchase will give the building another opportunity, he said.
"I think it is going to have a new life to it and that it is going to have a purpose and a specific function again," Burroughs said.
The hotel has been under contract for purchase multiple times in recent years. The most recent contract started last year and expired in March.
Hines said he has heard of other buildings selling in downtown Rogers recently as well. He was unable to give specific details.
"It is exciting," Hines said. "It is the kind of thing that I frankly wouldn't have expected to have seen quite this soon."
Teresa Moss can be contacted by email at tmoss@nwadg.com or on Twitter @NWATeresaM.
NW News on 07/09/2015