Arlington Hotel in Hot Springs sold to Little Rock investors | Arkansas Blog

Monday, July 10, 2017

Arlington Hotel in Hot Springs sold to Little Rock investors

Posted By on Mon, Jul 10, 2017 at 3:43 PM

click to enlarge NEW OWNER: Arlington Hotel gets a buyer.
  • NEW OWNER: Arlington Hotel gets a buyer.
click to enlarge AL RAJABI: Leads hotel investors. - LINKEDIN
  • LinkedIn
  • AL RAJABI: Leads hotel investors.
Hot Springs' historic Arlington Hotel has been sold to the Sky Capital Group LP, an investment group whose properties include the Four Points Sheraton at University Avenue and I-630 in Little Rock and which is related to an investor with other hotel properties in Texas.

Opened in 1924, the property has been owned by Southwest Hotels, but has deteriorated in recent years, to the point that it faced city safety enforcement action before some corrective work began last year. A sale of the property, owned by the Scott family, was discussed at that time.

Al Rajabi is CEO of Sky Capital. He posted on a LinkedIn account, which gives his home as San Antonio:

Here it is my Friends!!!! I'm very excited about my latest project!!!! The Arlington Resort Hotel and Spa. Hot Springs Arkansas are you ready??? 
No price was disclosed, but Arkansas Business, citing real estate documents, put the price at $5 million. Rajabi's release said he was attracted by the "rich history" and "iconic location." It referred to "continuing renovations" and said the company would work to "maintain it as one of the great American grand hotels."

Grady Manning founded Southwest Hotels in 1929. The Arlington has 478 rooms and resort facilities, as well as a bathhouse.

The hotel's current general manager, Bob Martorana, is quoted as praising the deal.

Rajabi bought the hotel he now operates as a Sheraton out of foreclosure for $5 million in 2014. He said on his LinkedIn page that it's now enjoying 95 percent occupancy.

The transaction includes the Wade Clinic building, a four-story adjacent building to the north, and the parking garage and the Majestic parking lot across from the Majestic hotel, Martorana told me.

Martorana said he'd be remaining as general manager and about 90 percent of the staff will remain. "It's business as usual until we but a game plan together." He said he anticipated some major renovations, but deferred questions on those specifics, both amount and timeline, to Rajabi.



Tags: , , ,

From the ArkTimes store

Favorite

Comments (8)

Showing 1-8 of 8

Add a comment

 
Subscribe to this thread:
Showing 1-8 of 8

Add a comment

More by Max Brantley

  • Sunday open line

    Open line and “news” on the Hog football coach.
    • Nov 19, 2017
  • The Clintons side by side in Little Rock 25 years after

    Bill and Hillary Clinton side by side taking questions from Donald Carville. The only thing more I could have asked for was a seat for Donald Trmp to handle the same topics.
    • Nov 19, 2017
  • Arkansas a leader in laws against better working conditions

    The Economic Policy Institute has compiled a national look at state laws that prevent local governments from mandating better working conditions in cities and counties than state law provides.As you might expect, Arkansas is among the leaders
    • Nov 19, 2017
  • More »

Readers also liked…

  • Saturday's open line

    Got any thoughts? Put them here.
    • May 21, 2016
  • Two plead in fraud of sheriff's office

    A former employee of the Pulaski County sheriff and a North Little Rock woman who sold goods to the sheriff's office have pleaded guilty to mail fraud in a scheme to steal from the sheriff's office, according to a news release from the U.S. attorney's office.
    • May 16, 2017
  • Civil War over in Fort Smith; lawyer strikes his Rebel mascot battle tent

    KSFM reports that Joey McCutchen, the lawyer who's been trying to restart the Civil War in Fort Smith over the School Board's decision to drop the Rebel mascot and related trappingsfor Southside High School, is dropping his School Board takeover campaign.
    • May 27, 2016

Most Shared

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation