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A triad of overnight hotel and motel deals.

A Triad Of Overnight Hotel And Motel Deals

What's with all the hotel/motel action taking place in Little Rock during the past few weeks anyway?

First to check in was the 122-room Hampton Inn at 6100 Mitchell Drive in southwest Little Rock. That sale came in at $2.57 million. It was built for more than $3 million five years ago.

The buyer and seller, Allen & O'Hara Inc. and Geyer Springs Inn Ltd., were both out of Memphis. Developers Phillip McNeil and David Sullivan are the majority players in the limited partnership.

The Days Inn at 2600 W. 65th St. was the second sale to roll in. Randy Brahmbhatt, president of Krishna Corp. in Forth Smith, bought the 80-room motel for $1 million.

The seller was Otter Creek Park Co. in Dallas, which bought the property from Holiday Inn for $2.3 million nearly five years ago. Otter Creek Park is a subsidiary of Marathon Realties, which also has the Holiday Inn at 11701 I-30 up for sale.

Last but not least, Bob Fewell and Dave Wilkins led the purchase of the Governor's Inn at 1501 Merrill Drive in west Little Rock. The deal closed at $560,000. The Resolution Trust Corp. sold the property on behalf of Savers.

Fewell and Wilkins intend to convert it to a Best Western. Wilkins owns the local Best Western Inntowne Hotel.
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Title Annotation:Realdeal$; three hotels/motels were bought and sold in a matter of weeks
Publication:Arkansas Business
Date:Jul 30, 1990
Previous Article:Clearing house.
Next Article:Boom and bust: poorly conceived properties keep WLR's 85 percent retail occupancy rate below expectations.

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