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— 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.

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  • fjm347
    September 23, 2011 at 9:01 a.m.

    I am without a doubt happy to hear the news. Rejuvination to the downtown district is needed to keep up with the times. A great hotel once again being used for the good. Im happy they didnt demolish it as it is a fine building

    September 23, 2011 at 10:57 a.m.

    The building is a mold infested dump which would be better demolished in anticipation of a really nice new building, but I am sure a lot of people think it better to try and preserve the past. We will see if this is for real or just the continual scam for federal restoration money and tax shelter by the owners.