Will Fort Smith’s CSK Hotels Cut Investments Loose?
by June 14, 2010 12:00 am 124 views
Have you heard that CSK Hotels of Fort Smith is attempting to check out of its hotel investments?
The list includes 10 Arkansas properties: an Aloft Hotel in Rogers; a Comfort Inn in downtown Little Rock and a Comfort Suites in Bentonville; a Fairfield Inn & Suites in Jonesboro and in Texarkana, Texas; a Towneplace Suites in Fayetteville and in Little Rock; and Value Place hotels in Bentonville, Fayetteville, Springdale and Little Rock.
The broker on the deal, CB Richard Ellis of New York City, is calling for bids by July 16 on individual hotels or the entire portfolio, which consists of 1,230 rooms, all built within the past five years and “in markets with little to no additional supply under construction.”
That last part is key, perhaps: Construction has been sluggish through the recession, and anyone looking now to put a hotel in place for this thaw we’ve been promised would be starting flat-footed.
“Hopefully, that supply constraint will hold for a while,” said Storm Nolan, one of three partners in CSK.
He said CSK was planning to hang onto its other miscellaneous properties, which include an apartment complex, a warehouse self-storage facility and a convenience store.