Days Inn Follows $2.5 Million Sale (Real Deals)

by George Waldon  on Monday, Oct. 28, 2013 12:00 am  

The former La Quinta Inn at 901 Fair Park Blvd. in midtown Little Rock was rebranded as a Days Inn in the wake of a $2.5 million sale. (Photo by Jason Burt)

The sale of a motel in midtown Little Rock tipped the scales at $2.5 million.

Fair Park Lodging LLC, led by Samir Pothi and Jitendra Patel, purchased the 901 Fair Park Blvd. project from Supreme Bright Portfolio LLC of Irving, Texas.

The former La Quinta Inn is now operating as a 110-room Days Inn.

The deal included the neighboring Riviera Maya restaurant at 801 Fair Park Blvd.

The transaction is backed with a six-month loan of $2.49 million from Farmers & Merchants Bank of Stuttgart.

Before flipping the 2.92-acre development, Supreme Bright acquired the motel-restaurant combo for $2.33 million from BRE/LQ Properties LLC of New York.

The properties previously helped secure a July 2007 funding agreement of $2.4 billion from Merrill Lynch Bank of New York, Merrill Lynch Lending Inc. of New York, UBS Real Estate Securities Inc. of New York and Bank of America in Charlottle, N.C.

BRE/LQ bought the properties for $5.92 million in January 2006 from La Quinta Properties Inc. of Irving, Texas.

Mapco Project

A future convenience store site in North Little Rock rang up a $925,000 sale.

NTI Springhill Drive LLC of Brentwood, Tenn., acquired the 3300 Springhill Drive location from Metropolitan National Bank of Little Rock.

Construction of a Mapco project is financed with a 26-year loan of $2 million from Standard Insurance Co. of Hillsboro, Ore.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?