Fox 16: Peabody Hotel Little Rock Up For Sale (UPDATED)
by June 27, 2012 5:43 pm 193 views
David Goins with our content partner, Fox 16 News, reports that the Little Rock Peabody Hotel is for sale and that a deal could close in the next 90 days.
Peabody officials are not offering comment on the rumor, but owner Marty Belz was in town Wednesday to meet with city of Little Rock officials. The city of Little Rock holds a lease on the land that the hotel sits on.
Marty Belz, president of the Memphis based Peabody Hotel Group, met with Little Rock city leaders on Wednesday.
City Manager Bruce Moore and Mayor Mark Stodola would not comment after the one hour meeting at city hall but FOX16 News did catch up with Belz.
“I really don't have a comment at this moment,” Belz says.
Reporter asks: “What brings you to Little Rock?” Belz says: “It’s a lovely city.” Reporter asks: “Can you say if the Peabody Hotel is for sale?” Belz says: “No, can't say anything right now.”
Reporter asks: “Can you confirm that the Peabody Hotel is not for sale?” Belz says: “I'm not going to comment on it.”
The Peabody, with 418 rooms and 22 suites, is the largest hotel in Little Rock and the state's only four-star hotel.
You can read more from Goins and Fox 16 at this link. Also, Max Brantley with the Arkansas Times has more details in
UPDATE: The Peabody Hotel issued this statement today:
BG Excelsior Limited Partnership, an affiliate of Peabody Hotel Group, has signed an agreement with an affiliate of Fairwood Capital, LLC, a real estate investment firm focused on hospitality assets, regarding a potential sale of The Peabody Little Rock. The sale is subject to completion of the buyer's due diligence and various other conditions including approval of the transaction by City of Little Rock officials.
“The Peabody has been honored to be part of the Little Rock community for these past 10 years,” said Andrew Groveman, senior vice president of Belz Enterprises, the Memphis-based family-held business that is affiliated with Peabody Hotel Group. “We are delighted to have found a prospective buyer we have known for many years and who plans to invest substantial funds into the hotel, so that it will continue to be a vital part of the Little Rock lodging and tourism scene.”
The buyer is exploring several upscale national hotel franchise companies to determine a brand for the hotel. The rebranding of the hotel will require a multi-million dollar investment in comprehensive renovations to the property. Property renovations will likely include all guest rooms and some public spaces, and they are not contingent upon financing. The buyer expects to select a brand for the hotel within the next month.