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Little Rock Looks Up: 7 Downtown Projects Set to Open by Year’s End

Posted by on May 15, 2017 in News | 0 comments

A flurry of behind-the-scenes activity indicates a restart is in the works for a key part of the Creative Corridor in downtown Little Rock. Lawsuits and countersuits surrounding unpaid work on the dormant 125,000-SF Main Street Lofts redevelopment recently were dismissed. The order in Pulaski County Circuit Court alludes to a financial settlement that squared away more than $1.3 million in claims on the three-building project at 510-524 Main St. by Little Rock’s AMR Construction and its subcontractors. A new entity, Deep Creek LR LLC, also became the owner of the former M.M. Cohn Building at 510 Main St. Real estate documents portray the change as a reorganization and an internal shift in ownership, a transaction valued at $2.1 million. Trailing behind this, the lead construction lender, Riverside Bank of Sparkman, released its security interest in the 62,688-SF building. The property secured a 2015 mortgage of $2 million held by the bank. Delinquent property taxes totaling $30,542 for 2012-15 also were paid, tying up another loose end in advance of renewed work on the building or a possible sale. All these developments come two years after activity moved from the construction site to the courthouse when AMR Construction walked off the job in April 2015. AMR received an $896,756 arbitration award that was converted to a judgment last year against the Main Street Lofts ownership group, then led by Scott Reed of Portland, Oregon. According to sources, his role with the project has changed. “I believe that Scott Reed is out of the picture, except he may be consulting with the new group because of his knowledge about the entire project,” said Phil Kaplan, a member of the Arkansas Symphony Orchestra’s board of directors. “We made it clear we didn’t want to deal with him.” Will the symphony set up shop in part of the M.M. Cohn Building as originally planned? “The ASO is still very interested in the possibility of becoming a tenant in the building if the terms can be worked out,” Kaplan said. Various parties involved with past workout attempts for Main Street Lofts considered Reed to be the biggest obstacle to getting the project back on track. His removal from the forefront is touted as a leading cause that momentum is restored. “Scott’s got a lot of pride,” said one Little Rock businessman who’s spent more frustrating time with Reed than he cares to count. “He’s never wrong. He may be a super salesman, but he just can’t take it to the finish line.” Two blocks to the north, the 32-unit K Lofts apartment project that Reed started but couldn’t finish was brought back to life earlier this year. As with Main Street Lofts, internal pressure from investors is credited with restoring order. Elevator inspection and installation of the remaining appliances are two of the last big checklist items remaining before the apartments at 315 Main St. are ready for showing to prospective tenants. “We’re getting very close,” said Matt Foster, owner of Little Rock’s MWF Construction LLC. “We hope to be finished up during the next three weeks.” MWF’s $375,000 contract to finish K Lofts is among a string of construction jobs in downtown Little Rock expected to be completed before year’s end. The biggest of the bunch is the seven-story, $12.5 million Hilton...

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New movie theater, hotel coming to Otter Creek this fall

Posted by on Apr 25, 2017 in News | 0 comments

Jamal Goss , KTHV LITTLE ROCK, Ark. (KTHV) — New attractions are coming to an already booming part of Little Rock. Otter Creek will soon welcome a brand new hotel and a movie theater that will feature eleven screens, food, and so much more. Groundbreaking has already begun for the new shopping center behind the Outlets of Little Rock, and now construction crews are laying the foundation. Developer Tommy Hodges explained that the soon to be Gateway Shopping Center would be a 24 hour, seven-days-a week entertainment attraction. Hodges is ready for the two new features soon coming to Otter Creek. “It’s really become an entertainment center,” Hodges said. “The movie gallery will be an upscale sort of new type movie where food and beverage will be a part of the deal.” Next to that sits two acres of land for a brand new Hilton hotel. “Hotels will feed restaurants,” Hodges said. “We have some new restaurants coming. Hodges said more than 100,000 cars pass through the area on Interstate 30 every day, and a large number of those people travel back and forth between Pulaski and Saline County. He said it’s the shopping center where they tend to stop and shop and with places like Bass Pro, Dave & Busters, and the stores at the Outlets of Little Rock that will help with creating an entertainment space for Little Rock. “We still have a lot of land,” Hodges said. “So it’s going to grow and develop for the next few years.” Right now 50 acres remain unused, but developers are quickly turning the dirt filled place into a mixed-use space. “A couple of new restaurants are coming,” Hodges said. “I am not at liberty to say who they are, but a couple of new restaurants are coming in, over next to the mall and Bass Pro Shop,” Hodges said it doesn’t stop there, and when developed, the new Gateway Shopping Center will be a 365 days a year hotspot for commuters and Arkansans passing through. “We’ve got a new 10,000 square foot shopping plaza that will be built here behind this fence,” Hodges said. “And construction will start on that in the next few weeks, so we are busy.” Both the hotel and movie theater are set to open in the fall, and there’s already talks about adding apartments, office space, and two lakes on the...

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Holiday Inn Express Sale Checks In at $5.1 Million (Real Deals)

Posted by on Aug 23, 2016 in News | 0 comments

Holiday Inn Express Sale Checks In at $5.1 Million (Real Deals) by George Waldon  on Monday, Aug. 22, 2016 12:00 am Holiday Inn Express at 4306 E. McCain Blvd. in North Little Rock. (Abigail Fowler) A 69-room hotel in North Little Rock weighed in at $5.15 million. CDRN NLR LLC, led by Ishverbhai Govind, purchased the Holiday Inn Express at 4306 E. McCain Blvd. The seller is Kilpatrick Hotels Two LLC, led by G.T. Kilpatrick. The deal is backed with a three-year loan of $4.4 million from Capital Bank of Little Rock. The 1.5-acre development at 4306 E. McCain Blvd. previously was linked with a September 2014 mortgage of $4 million held by Progressive Bank of Monroe, Louisiana. Kilpatrick bought the property for $6.8 million in June 2008 from McCain Hotels...

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Holiday Inn Express Checks in With $5.1M Deal

Posted by on Jul 25, 2016 in News | 0 comments

by Arkansas Business Staff A Holiday Inn Express in North Little Rock was part of multimillion-dollar transactions this week. ♦ CDRN NLR LLC, led by Ishverbhai Govind, bought the 69-room project at 4306 E. McCain Blvd. for $5.1 million. Seller? Kilpatrick Hotels Two LLC, led by G.T....

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$9M Tru by Hilton Hotel to Open at Gateway Town Center

Posted by on Jun 15, 2016 in News | 0 comments

$9M Tru by Hilton Hotel to Open at Gateway Town Center A rendering of the exterior of a model Tru by Hilton hotel. (Hilton) A rendering of the entry into the large lobby of a Tru by Hilton hotel. (Hilton) One of the four sections of a Tru by Hilton hotel lobby, featuring multiple seating options and a buffet bar. (Hilton) A rendering of the double queen room at a Tru by Hilton hotel. (Hilton) by Alexis Hosticka  on Friday, Jun. 10, 2016 1:55 pm With entertainment, shopping and restaurants already in the works at The Grove at Gateway Town Center, another piece to the puzzle will be filled in next fall with a $9 million Tru by Hilton hotel. The new brand, with only two in the country so far, is aimed at the “millennial roadside traveler,” according to Shawn Govind, the director of real estate development at Pinnacle Hotel Group. “The common areas are a bit larger and more guest friendly; the guest rooms are smaller than a typical full-service Hilton,” Govind said. “It’s for your price conscientious travelers.” The Tru hotel will be 42,000 SF with 84 units and be the “model property for the state.” Govind said that there are plans for three more Tru hotels in Arkansas but locations for those have not been determined. A private investor group currently owns the property at Gateway Town Center, which was purchased for $12.4 million, and Colliers International of Little Rock is handling the leasing and selling of the land. Govind said the $975,000 transaction for the property should close in mid-July and they plan to break ground before the end of the year. The Tru brand hotel is designed to be “simplified, spirited and grounded in value” and a “mid-scale” brand. It will feature a large lobby called The Hive that includes a redesigned front desk and four zones for lounging, working, eating and playing. The play zone will include amenities such as table games and a large-screen TV; the eating area will provide a complimentary breakfast bar. Rooms are either single king or double queen with “spacious” bathrooms. The goal of the brand is to “capture millions of cross-generational guests” and to fill a market void. The property was formerly owned by developer Tommy Hodges. He outlined his vision for the area as an entertainment district with hotels, restaurants and other attractions situated among 500 trees illuminated year-round by more than a half-million lights. The Tru hotel will be adjacent to the Movie Tavern, a dine-in movie theater chain, which will open in 2017. On Monday, Dave & Buster’s opens at the Gateway Town Center, which Govind says was a large reason that they chose to locate the hotel in that area. Pinnacle Hotel Group is also currently working on a 140-room Hilton Garden Inn project in downtown Little Rock positioned to come on line in spring...

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Pinnacle Hotel Group opens Holiday Inn Express in Bryant, Arkansas

Posted by on Apr 8, 2016 in News | 0 comments

LITTLE ROCK, AR – APRIL 8, 2016 – Little Rock-based hotel management company Pinnacle Hotel Group opened the doors to their first brand new Holiday Inn Express and Suites in Bryant-Benton, Arkansas.  The new 85-room hotel is located off I-30 at 7224 Alcoa Road on exit 121.  The hotel boasts all of the conveniences that guests are used to seeing at Holiday Inn Express including complimentary high speed internet access throughout the hotel, business center and pantry which is open 24/7 and hot Express Start Breakfast bar with signature pancake maker! All rooms feature a Keurig Brewer, mini-micro-fridge and 42″ flat-panel HDTV. All conference rooms include equipment needed for your next big meeting and enough space to accommodate up to 150 people for social events.  The hotel is conveniently located with easy access to many of Little Rock’s attractions and just a short drive from “Spa City” Hot Springs!     About Holiday Inn Express...

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Hotel boom continues in downtown Little Rock

Posted by on Mar 17, 2016 in News | 0 comments

LITTLE ROCK, Ark. (KTHV) — The hotel market in downtown Little Rock continues to grow. Arkansas Business reports that three groups are backing the latest hotel projects to hit downtown. The planned Aloft Hotel in the 12-story Boyle Building was announced more than 14 months ago and remains delayed. It’s led by the Chi Hotel Group, which paid more than $4 for the property. So far, the building has been gutted, but delays with renovations to buildings next door to the hotel have stopped work on the Aloft. There’s also plans by hotelier Feroz Patel for a hotel called Vib at 219 E. Sixth St. Patel acquired the site and adjoining land for $699,000 in July. And there’s plans for a 140-room Hilton Garden Inn at 322 Rock St. The $12.5 million project is led by the Pinnacle Hotel Group, and Chet Patel, its president, says he’s aiming for it to come online in spring next year. The Hilton will employ 50 and house nearly 4,000 square feet of meeting space, a full-service restaurant and bar, and a top-floor venue called Posh. The seven-story hotel would be the newest in downtown Little Rock since the Homewood Suites by Hilton opened June 2 at 400 River Market Ave. Clark Contractors LLC of Little Rock is building the Hilton Garden Inn it’s one of 11 hotel projects his company is working on. Seven are in Texas. CEO William Clark says there’s a national boom in hotel construction, as companies rush to meet demand for business travel. Locally, conventions and tourism are also driving hotel business. Last year marked the biggest booking season for the Little Rock Convention & Visitors Bureau since 2006. Events coordinated with the bureau booked more than 137,000 room nights associated with nearly 500,000 attendees in 2015. In all, occupancy among eight existing downtown hotels, which includes the Wyndham Riverfront in North Little Rock, climbed to 71.3 percent in 2015. And the average daily room rate among the eight hotels rose as well, averaging $126 in 2015 compared with $123.75 in...

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Downtown Little Rock Attracts More Hoteliers

Posted by on Mar 14, 2016 in News | 0 comments

Downtown Little Rock Attracts More Hoteliers by George Waldon  Downtown Little Rock has drawn the attention of three hotel developers who have invested more than $7.3 million to secure locations. The trio is poised to join an ascending hotel market powered by conventions, commerce and tourism. A 140-room Hilton Garden Inn project, championed by Little Rock’s Pinnacle Hotel Group, is positioned to be the first to come on line: spring 2017. “We’re hoping to have a show on the ground soon,” said Chet Patel, president of Pinnacle Hotel Group. The status of the other two projects, a 140-room Aloft and 100-room Vib (pronounced Vibe), is less clear. Clark Contractors LLC of Little Rock is prepared to start building the $12.5 million Hilton Garden Inn at 322 Rock St. Demolition of the vacant Rock Street Shops at 310-324 Rock St. will kick off site work. William Clark, CEO of Clark Contractors, said the Hilton Garden is among 11 hotel projects his company is working on. Seven are in Texas. “There’s a national boom going on with hotel construction,” Clark said. “Most of what we’ve been doing is associated with business travel. There’s a rush to build hotel rooms to capture the business segment.” The Hilton Garden Inn will employ 50 and house nearly 4,000 SF of meeting space and a full-service restaurant and bar on the ground floor named The Garden and a top-floor venue called Posh. The seven-story project represents the newest hotel in downtown Little Rock since the 116-room Homewood Suites by Hilton at 400 River Market Ave. opened on June 2. The Homewood project completed a quartet of downtown Little Rock developments by McKibbon Hotel Group Inc. of Gainesville, Ga. That roster includes the 120-room Marriott Courtyard, opened in 2004 at 521 President Clinton Ave.; the 119-room Hampton Inn & Suites, opened in 2008 at 320 River Market Ave.; and the 107-room Residence Inn, opened in 2013 at 219 River Market Ave. The McKibbon hotels account for half of a group of hotels labeled the core downtown Little Rock market. Occupancy among the eight hotels, which includes the Wyndham Riverfront in North Little Rock, climbed to 71.3 percent last year. Occupancy for the group stood at 68.8 percent in 2014. Rounding out the eight are properties along a three-block stretch of downtown Little Rock: the DoubleTree Little Rock at 424 W. Markham St., Little Rock Marriott at 3 Statehouse Plaza and Capital Hotel at 111 W. Markham St. The daily room rate among the group of eight averaged $126 last year compared with $123.75 in 2014. The eight hotels are home to 1,482 rooms. Last year marked the biggest booking season for the Little Rock Convention & Visitors Bureau since 2006. Helping fill Little Rock hotels were events coordinated with the bureau: 137,549 room nights associated with 499,027 attendees during 2015. “We’re achieving what we wanted to, especially on the convention and meetings front,” said Alan Sims, vice president of sales and services at the Little Rock Convention & Visitors Bureau. LRC&V hotel bookings in 2006 totaled 142,639 room nights. Delays & Challenges The Pinnacle Hotel Group hoped to have the Hilton Garden Inn open by the end of this month. Instead, the group expects to begin construction by April, something originally envisioned for December 2014. The original...

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Congratulations to Katina Jones of the Holiday Inn West-Financial Parkway for being nominated for the 15th AHA’s Stars of the Industry!

Posted by on Feb 29, 2016 in News | 0 comments

Little Rock, AR – February 29, 2016 – Good luck to Katina Jones on her pursuit for Front of House Hospitality Employee of the Year — This award recognizes exemplary performance and exceptional service by an employee in a non-management position with regular customer contact. Honorees are judged on performance that goes above and beyond normal job responsibilities, including outstanding and unusual service to the business, to guests, or the community. This covers lodging, foodservice, travel and tourism, and associate members. The AHA’s Stars of the Industry Awards Gala honors employees and managers in the hospitality industry that go above and beyond their job descriptions to make their coworkers and customers feel privileged to know them. Some of them are on the front line, and some are behind the scenes, but they all help to make the industry in Arkansas the best in the nation. They are why the hospitality industry is the second largest industry in the state that provides over 100,000 jobs and brings over $5.6 billion to the state. Also honored at the Stars of the Industry are region of the year, hotelier of the year, restaurateur of the year and travel person of the year. A scholarship is also awarded to a hospitality student!...

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Arkansas Business ABOY Profile

Posted by on Feb 17, 2016 in News | 0 comments

Pinnacle Hotel Group City: Little Rock Category: Category III (76-300 Employees) Year: 2016 The Pinnacle Hotel Group was incorporated in 2007 when four friends with similar backgrounds and business interests joined forces to create a hotel management company second to none. Chet Patel met cousins Rocky and Shawn Govind at the University of Arkansas, where they became roommates. They were each children of Indian immigrants who owned and operated small motels in Arkansas. The three and Nick Nagin, who had a similar background in Mississippi, began working together in 2001. Their first major acquisition was the Country Inn & Suites in Fayetteville, which opened in 2003 and was rebranded as a Comfort Inn Suites in 2011. Today, Pinnacle Hotel Group owns nine properties in Arkansas. The newest, the LaQuinta Inn & Suites in Fayetteville, had its grand opening in January. Pinnacle Hotel Group has plans for a Hilton Garden Inn and a Holiday Inn Express in downtown Little Rock near the intersection of Fourth and Rock streets, Patel said. Patel, who was raised in Clarksville, is president of Pinnacle and serves as secretary of the Arkansas Hospitality Association. Rocky Govind of Pine Bluff is vice president of development and construction; Shawn Govind of Crossett is director of operations and real estate; and Nagin is director of procurement and purchasing. The Pinnacle Group, Patel said, is working to be at the forefront of the hotel and motel management industry. While all hotels and motels offer basically the same experience, Patel said, the goal of Pinnacle Hotel Group is to separate itself from the rest so the visitors will remember and want to return. Pinnacle Hotel Group works with the properties’ general managers to make sure their needs are met and they have time to do their...

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