Mountain Inn Again

Two Fayetteville men — Richard Alexander and John Nock — are under contract to buy the 60,000-SF, seven-story Mountain Inn from Stella Moga of Westlake, Ohio.

The historic Fayetteville hotel, which was built in 1866, has been vacant since 1998.

Nock said plans still call for converting the Mountain Inn into a Crown Plaza hotel, but the terrorism of Sept. 11, 2001, temporarily “railroaded” the project.

Nock said the renovation will cost $12 million-$15 million. The hotel will grow from 108 to 125-150 rooms.

Tax incentives passed by Congress in 2001 will make it easier for investors to become involved, Nock said.

“We are going after some federal tax dollars to help the project along,” he said. That’s in addition to local development incentives.

Nock, who works in the Fayetteville office of American Municipal Securities, served as Moga’s investment banker. Alexander is a Fayetteville developer who is invovled in several renovation projects, including Carnall Hall at the University of Arkansas and the UARK Bowl building on Dickson Street.

Moga bought the Mountain Inn for $975,000 in 2000. Nock wouldn’t reveal numbers but said he and Alexander will pay more than that for the building.