The AC Hotel by Marriott going into the Hall-Davidson buildings at Capitol Avenue and Louisiana Street in Little Rock is a $14.7 million development, according to a building permit the city issued this week.
The permit holder for the 112-room hotel is 201 W. Capitol LLC, a limited liability company formed by Rock Capital Real Estate. The contractor is VCC LLC. The hotel is expected to open in the summer of 2019.
Rock Capital Real Estate, through its limited liability company, purchased the Hall and Davidson buildings last summer for $2.3 million, with the intent to develop the properties as a boutique hotel, restaurant and bar aimed at younger business travelers.
The five-story Hall building was built in 1923. The three-story Davidson building was constructed in 1947 as an annex. Both buildings are on the National Register of Historic Places.
The international chain, a joint venture formed by Marriott International and AC Hotels, a Spanish company, has 50 U.S. locations with 75 more planned.
-- Noel Oman
Another Tesla executive joins exodus
Another Tesla Inc. vice president is leaving the company, according to people familiar with the matter, as Chief Executive Officer Elon Musk struggles to contain an exodus of senior executives.
Liam O'Connor, vice president of global supply management, has resigned from the electric-car maker, said the sources, who requested anonymity because the information hadn't been made public. Tesla representatives didn't immediately respond to a request for comment.
O'Connor, who joined Tesla in March 2015 from Apple, is at least the fifth senior executive to be parting ways with the carmaker within the span of a few weeks. The company has lost its chief accounting officer and heads of human resources and communications this month. Justin McAnear, the vice president of worldwide finance, is set to leave in early October.
The flight of top managers has rattled investors because it's coincided with a series of missteps by Musk, 47. Tesla is facing investigations by the U.S. Department of Justice and Securities and Exchange Commission and investor lawsuits related to his short-lived attempt to take the company private. The billionaire has himself been sued for calling a cave rescuer a pedophile and smoked marijuana during a livestreamed podcast with a comedian.
-- Bloomberg News
Law to help utilities with wildfire suits
SACRAMENTO, Calif. -- Gov. Jerry Brown signed a measure Friday allowing utilities to bill their customers to pay for future legal settlements stemming from devastating 2017 wildfires, even if the blazes are blamed on the company's mismanagement.
The bill is aimed at preventing bankruptcy or other serious financial trouble for Pacific Gas & Electric Co. The nation's largest utility by revenue faces billions of dollars in liability if investigators determine its equipment caused the Tubbs Fire that destroyed thousands of homes and killed 22 people in Santa Rosa last year.
Critics call it a bailout for PG&E investors.
The bill creates a special process for the 2017 fires, which caused more than $10 billion in insured losses, by far the most in state history. It seeks to determine how much liability the utility can absorb without triggering severe consequences like bankruptcy, and allows any additional costs to be billed to consumers.
-- The Associated Press
Pension fund issues chicken warning
McDonald's has long been on the receiving end of calls by celebrities to take better care of its chickens.
Now there's a new name on that list. In a letter dated Aug. 22 obtained by Bloomberg News, New York State Comptroller Thomas DiNapoli expressed concerns over the "potential financial and reputational risks associated with McDonald's chicken welfare practices."
DiNapoli was writing in his capacity as trustee of the New York State Common Retirement Fund, the third-largest public pension fund in the U.S. and -- as of July 31 -- holder of more than $300 million in McDonald's stock.
The warning, addressed to McDonald's Chairman Enrique Hernandez Jr. and Chief Executive Officer Stephen Easterbrook, follows a broad media campaign by the Humane Society of the United States, including a television ad running in McDonald's hometown of Chicago and a letter with 20 celebrity signatories. The Humane Society's complaints about McDonald's treatment of chickens centers on their crowded housing as well as the breed, which is selected for its fast growth but is prone to health problems including broken legs.
-- Bloomberg News
Texas beef jerky recalled over metal
EL CAMPO, Texas -- A South Texas company has recalled nearly 700 pounds of beef jerky after regulators say a consumer reporting finding hard metal in a product.
The U.S. Department of Agriculture on Friday announced Junior's Smokehouse Processing Plant in El Campo recalled about 690 pounds of ready-to-eat teriyaki beef jerky.
The 4-ounce items were produced Aug. 9 for Texas retailers. The plastic pouches say "Buc-ee's Hill Country brand teriyaki beef jerky, made in Texas from solid strips of beef, ready to eat."
The label says best by 8-9-2019, lot code 220-272 and "EST. 48213" inside the USDA inspection mark.
-- The Associated Press
Plan to block park mining gets a boost
BILLINGS, Mont. -- U.S. officials recommended approval on Friday of a plan to block new mining claims for 20 years on the forested public lands that make up Yellowstone National Park's mountainous northern boundary.
Regional Forester Leanne Marten submitted a letter to the Bureau of Land Management endorsing the plan to withdraw 30,000 acres in Montana's Paradise Valley and the Gardiner Basin from new claims for gold, silver, platinum and other minerals, U.S. Forest Service spokesman Marna Daley said.
A final decision is up to the office of U.S. Interior Sec. Ryan Zinke, who favors the withdrawal. Zinke said in a statement that it could be finalized in coming weeks.
The rocky peaks and forested stream valleys covered by the withdrawal attract skiers, hikers and other recreational users. It's an area where grizzly bears, wolves and other wildlife roam back and forth across the Yellowstone border -- and where the scars of historical mining still are visible on some hillsides.
-- The Associated Press
Business on 09/22/2018