Fayetteville attorney Robert Depper and LSC Hotel Restaurant Management Co. of El Dorado have formed Let Us Revive Hot Springs Downtown LLC, with hopes of renovating one of the city’s historic downtown buildings into a boutique hotel.
Preliminary plans for the historic Citizens Building at Central Avenue and Bridge Street include guest suites, a restaurant and a possible bathhouse element. Renovations to the 20,552-SF building will cost about $13 million.
Like other boutique hotels, the unnamed hotel will have fewer rooms and upscale services.
Built in 1925, the seven-story building, also known as the First Federal Building, was added to the national register of historic places in 1979.
Let Us Revive Hot Springs is waiting on the results of a Phase 1 U.S. Environmental Protection Agency study before closing on the building.
Several options are being considered to fund the renovations, including one that is a bit different: preselling the suites and giving the owners the option of renting them out.
We’ll keep an eye on this one.
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