Walton gives $100M
to African park fund
Walmart heir Rob Walton and his wife, Melani, have donated $100 million to support environmentally protected areas in Africa.
According to the Chronicle of Philanthropy, the funds pledged through the Rob and Melani Walton Foundation will go to the African Parks Foundation of America. Of the total, $75 million will go toward endowing the nonprofit, while $25 million will be used for the immediate needs in the parks it manages.
African Parks, based in Johannesburg, manages 19 protected areas covering 36.3 million acres in 11 countries. Its work includes deterring poachers; monitoring wildlife populations; conducting research; and working with local organizations that provide education and health services.
The eldest son of Walmart Inc. founder Sam Walton, Rob Walton has long supported environmental causes. In May, he and Melani Walton joined a group of philanthropists funding the Earthshot Prize, an initiative of Britain's Prince William.
-- Serenah McKay
2nd state Avid Hotel
open in Fayetteville
IHG Hotels and Resorts has opened a new 82 room Avid Hotel in Fayetteville, the company's second location in Arkansas.
The 3350 W. Jewell Road property, near West Wedington Drive and Interstate 49, opened on Sept. 10. The property is a franchise owned by Arkansas-based Donda Investment LLC and is managed by Arkansas-based Jewell Management LLC, according to IHG.
In response to emailed questions, IHG said Avid hotels are efficient to build and operate with a target "cost per key" of $85,0000 to $89,000, plus the cost of land, contingency, utility taps and permit fees. Fayetteville was chosen as a location for a hotel because the brand targets customers traveling to an area for short stays such as business meetings or sporting events. Proximity to the Walmart Stores Inc. and J.B. Hunt headquarters operations was also a consideration.
Based in the United Kingdom, IHG has nearly 6,000 hotels under various brands worldwide with more than 884,400 rooms. It's 38 Avid Hotels have more than 3,380 rooms, according to company documents.
IHG opened its first Avid Hotel in the state in 2020 in Bentonville.
-- John Magsam
Index up to 664.32
after gain of 2.99
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 664.32, up 2.99.
"U.S. stocks rebounded early Tuesday after Monday's sell-off, only to give it all back before the close as investors await the Federal Reserve decision on interest rates this afternoon," said Chris Harkins, managing director of Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.