A Bentonville hotel recently sold for $3.45 million.
An affiliate of The Packard Companies, a full-service management firm based in San Diego, bought the former Baymont Inn & Suites at 215 S.E. Walton Blvd.
Sree Akshar II, led by Kunal Mody of Little Rock, was the seller.
Vesta Mortgage Holdings of Florida provided financing with a two-year mortgage of $3.3 million.
The two-story development on 4.01 acres has 103 rooms (70 double queen, 33 king). The 41,025-square-foot building was built in 1998. It appraised last year for $5.01 million.
Sree Akshar acquired the property and the adjacent hotel — formerly the Clarion Hotel and Convention Center — in March 2012 in a combined $3.3 million deal. Akshar is still owner of the old Clarion, now called Four Points by Sheraton Bentonville.
The property at 215 Southeast Walton has previously operated as a Sleep Inn and a Motel 6.
Packard president and CEO Michael Goldstein said the property has been reflagged as a Red Roof Inn. He said Packard manages a variety of properties but entered the economy hotel segment just last year.
“I consider Red Roof the ‘Four Seasons’ of the economy segment,” he said. “It’s one of the few brands in that segment that will not compromise quality.”
Goldstein said a $1 million renovation project to upgrade all guest suites and public spaces of the hotel will begin in the next 45 days.
“The Bentonville market fits the profile we are looking for,” Goldstein said. “It’s a welcome addition.”
Packard’s hotel portfolio has about 30 properties throughout the U.S. It has a satellite office in Tulsa and owns three hotels in Joplin totaling 249 rooms.