Springhill Suites Hosts $4.5M Transaction (Real Deals)

by George Waldon  on Monday, Feb. 17, 2014 12:00 am  

Springhill Suites by Mariott at 306 Markham Center Drive.  (Photo by Jason Burt)

The sale of a 78-room hotel in west Little Rock tipped the scales at $4.5 million.

KNB Hospitality LLC, led by Bhavin Sharolia, purchased the Springhill Suites by Mariott at 306 Markham Center Drive. The seller is Summit Hospitality I LLC of Sioux Falls, S.D.

The deal is financed with a five-year loan of $4.4 million from Centennial Bank of Conway.

The 1.8-acre development was ac-quired for $4.2 million in February 2004 from WB Pineapple RP LLC of San Clemente, Calif.

Inviting Transaction

A 66,000-SF industrial facility in North Little Rock weighed in at $1.5 million.

I-40 RV Land LLC, led by Paul Minton, bought the 4545 W. Bethany Road

project. The seller is Inviting Properties LLC, led by Pamela Hatcher and Sarah Mitchell.

The deal is funded with a five-year loan of $1 million from Arvest Bank of Fayetteville.

The 5.5-acre development previously was linked with an August 2008 mortgage of $1.7 million, a December 2009 mortgage of $635,000 and a January 2010 mortgage of $614,623 held by Arvest Bank.

Inviting Properties purchased the property for $600,000 in May 2003 from Arkansas Air Inc., led by Russell Atkinson.

Dollar Deal

 

 

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