McKibbon Plans Residence Inn, Its 3rd Hotel in Downtown Little Rock

by George Waldon  on Friday, Feb. 17, 2012 11:12 am  

A 107-room Residence Inn by Marriott is in the planning stages of development in downtown Little Rock.

The project, scheduled to open in spring 2013, would mark the third hotel in the River Market area for McKibbon Hotel Group Inc. of Gainesville, Ga.

Third-Commerce LLC, an affiliate of McKibbon, bought the half-acre site for the Residence Inn at the northeast corner of Third and River Market Avenue for $1.3 million in September 2009. The seller was Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

The property is just outside of the River Market overlay district and not subject to the four-story, 48-foot height limit that created opposition to an earlier McKibbon proposal.

McKibbon opened the 120-room Courtyard by Marriott at 521 President Clinton Ave. in November 2005 and the 119-room Hampton Inn & Suites at 320 S. Commerce St. in October 2008.

The Courtyard at Marriott space in the First Security Center was purchased for $9 million. The Hampton Inn & Suites represented a $13 million development.

The company originally wanted to develop an Aloft by Starwood Hotel two blocks north of the Residence Inn site in 2008. McKibbon considered developing an Aloft project on the property but instead put those plans on hold.



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