Lafayette Building suitor plans hotel
G&G Hospitality Group, a 7-year-old privately held hotel management, development and consulting firm based in Arkansas, is the prospective buyer of the Lafayette Building now under contract. The firm wants to redevelop the building as a "high-end hotel," according to a letter sent to condominium owners living in the downtown Little Rock landmark.
The letter from Newmark Moses Tucker Partners included more detail than an email the property management and development firm sent to commercial tenants Monday.
Redeveloping the 94-year-old former hotel at Sixth and Louisiana streets "with an emphasis on its original intent and purpose" is timely, "given the movement in the real estate, hospitality and travel industry to renovate historic properties and restore the grandeur and experiences that properties like the Lafayette once offered," the letter said.
The project will benefit the condominium owners, according to the letter.
Making the Lafayette a "high-end hotel operation will provide new capital for building improvements, 24/7 operations and staff, a full-time maintenance staff, increased security, concierge service, restaurant and other amenities and services," the letter said.
-- Noel Oman
Walmart investors event set for June 7
Walmart Inc.'s annual shareholders' meeting is set for June 7, the Bentonville retailer said in a news release. A formal business meeting for shareholders will be held June 5.
The events form the backbone of a week of festivities each year, with Walmart employees and shareholders from around the world flocking to Northwest Arkansas.
At the June 5 meeting, shareholders of record as of April 12 will vote on business and proxy proposals. They will meet from 10 a.m. to about 11 a.m. at the John Q. Hammons Center in Rogers. Shareholders unable to attend the meeting may vote online or by phone.
The June 7 event for both Walmart employees and shareholders will start at 8 a.m. at Bud Walton Arena in Fayetteville. Attendees will hear a brief summary of voting results from the business meeting and presentations from Walmart executives. The event will be followed by a question-and-answer session for investors, led by Walmart President and Chief Executive Officer Doug McMillon.
All the events will be webcast at stock.walmart.com.
-- Serenah McKay
Arkansas Index rises 0.73, ends at 415.21
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.73 to 415.21 Friday.
Windstream shares rose 7.5 percent in light trading. ArkBest fell 2.5 percent in low volume.
Total volume for the index was 18 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/30/2019