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Downtown Little Rock hotel sells for $12.3M

by David Smith | April 28, 2019 at 4:30 a.m. | Updated April 29, 2019 at 4:30 a.m.
New owners paid $12.3 million last month for the Holiday Inn Presidential hotel at 600 Interstate 30.

HILR Partners LLC agreed last month to pay $12.3 million for the Holiday Inn Presidential hotel at 600 Interstate 30.

The seller was LR HI Associates LLC.

The eight-story hotel, with 150 rooms, was built in 1970, but underwent significant renovations in 2002 that converted an old Best Western InnTowne into the Holiday Inn Presidential.

The update was overseen by Larry Carpenter, who bought the Best Western for $2.5 million in 2002 and sold it as the Holiday Inn Presidential for $8.5 million in 2016.

HILR Partners assumed a loan to LR HI Associates and the original borrowers Tejal Desai, Andrew Winn and Prakash Rajamani. Winn is manager of LR HI Associates.

The new borrowers with HILR Partners are Christopher Whitt, Bennett Scott Nolan II and Oliver Kane Whitt. Nolan incorporated HILR Partners in November.

The deal was partially financed with a loan from Key Bank for $8.6 million. The hotel, which includes 1.3 acres, appraised at $11.4 million this year.

Carpenter estimated that LR HI Associates spent more than $3 million upgrading the hotel after he sold it in 2016.

"So they're probably getting their [investment] back," Carpenter said. "They put new decor, new interiors, new guest room accents, new guest room furniture and other improvements in it."

Carpenter is still developing some real estate in Little Rock and in the Dallas area.

"Selectively, I'm still doing some [investing] in what I call Class A real estate," Carpenter said.

MAIN STREET BUILDING

Haybar Properties LLC paid $715,000 to buy an unoccupied, two-story building in downtown Little Rock last month.

The structure at 815 Main St., built in 1925, covers 14,000 square feet.

The seller was Arkansas Community Colleges.

Haybar had sold the building in 2015 to Arkansas Community Colleges for the same price, $715,000.

Counting the two transactions between Haybar and Arkansas Community Colleges, Haybar has owned the building three times. In 2007, Haybar bought the building from Sam Bracy III for $330,000.

Haybar Properties is one of the more active nongovernmental owners of real estate in Pulaski County with at least 136 parcels, according to the county assessor's office.

Brhttps://www.arkansasonline.com/admin/news/story/1159402/#yan Hosto incorporated Haybar in 2004.

LR APARTMENTS

Robertson Capital LLC bought a 16-unit, two-story apartment complex for $710,000 last month.

The complex, built in 1963, is at 218 N. Taylor St. in Little Rock. The complex is 6,000 total square feet.

Robertson Capital borrowed $999,000 from Pine Bluff-based Simmons Bank. The mortgage matures in 2024.

A second property transaction attached to the loan, at 1302 Cumberland St. in downtown Little Rock, was also built in 1963.

Brian Robertson and Bonnie Robertson are members of Benton-based Robertson Capital.

Bonnie Robertson incorporated Robertson Capital last month and was the registered agent for the company.

The seller was the Jett Ricks and Georganne Ricks Family Corp.

Jett Viquesney Ricks is president of the company.

SundayMonday Business on 04/28/2019

Print Headline: Downtown Little Rock hotel sells for $12.3M

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