Historic Harrison Hotel on the Market for $1.8M

Cornerstone Bank of Eureka Springs has hired Colorado-based Hospitality Real Estate Counselors to arrange the sale of the Hotel Seville in Harrison, a 57-room hotel listed on the National Register of Historic Places.

The bank, which has owned the property since taking over the deed in November, reopened the hotel in April after closing it late last year.

“We’ve been doing some improvements, getting stuff up to snuff, and just recently placed it for sale,” said Charlie Cross, president and CEO of Cornerstone Bank. “We’ve been busy with some capital improvements to get it marketable and saleable.”

Cross said the bank hired Beechwood Hospitality LLC of Little Rock to run the hotel when it reopened. The hotel has recently added a full-service restaurant, Foley’s at the Seville, and is doing well financially, Cross said.

“The rooms are all well done and the hotel has much improved amenities,” he said. “It’s a very saleable, very marketable property, especially with the numbers it’s generating.”

Cornerstone Bank took over the property late last year after its last owners, PFI Hospitality, filed for Chapter 11 reorganization on its assets in May 2012.

The hotel, which is located at 302 N. Main St. and across the street from the Durand Conference Center, was built in1929 and has undergone many renovations, the latest a $3 million restoration in 2009.

“It’s a gorgeous hotel,” said Jeffrey Duni, vice president of HREC. “It’s a property that has great upside and great value.”