Majestic Hotel sold | Arkansas Blog

Wednesday, November 22, 2006

Majestic Hotel sold

Posted By on Wed, Nov 22, 2006 at 12:32 PM

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We told you a while back that a deal was cooking to sell the historic Majestic Hotel in Hot Springs for a residental and commercial conversiion project. Deal done. News release on the jump.

SOUTHWEST HOTELS NEWS RELEASE

Southwest Hotels, Inc. President Monty Scott today announced the sale of the historic Majestic Hotel to The ARC Arkansas, a non-profit organization that supports people with disabilities and their families.  The option to purchase the Majestic Hotel is anticipated to close in the first quarter of 2007.

The ARC plans to restore and rehabilitate with historic accuracy the Majestic complex into multiple-use facilities including residential and commercial developments.

The 124-year-old Majestic has long-anchored the intersection of Park and Central Avenues in historic downtown Hot Springs and was one of the South’s most famous spa hotels.  The hotel complex sits on over 5 acres.

Prior to its sale, the hotel was owned by Southwest Hotels, Inc., a privately held company whose Hot Springs holdings include The Arlington Hotel and The Hot Springs Country Club.

“It’s important that the Majestic Hotel is part of the revitalization of downtown Hot Springs,” Monty Scott said.  “The ARC is renowned for renovating historic structures and we are confident that they will preserve the integrity of the buildings as they undergo transformation.  We are excited the ARC will restore this Hot Springs landmark.  They envision a multi-million-dollar investment of residential and commercial development  contributing to historic downtown Hot Springs.”

The ARC Arkansas is already well-known in Hot Springs for its success in remodeling historic Hot Springs High School into 32 loft-style apartments and the adjoining auditorium into a public use facility.

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