A view of the DoubleTree Hotel, center, from the north.
FAC-W Markham LLC has finalized the purchase of the 288-room DoubleTree by Hilton hotel in downtown Little Rock, the group announced Monday.
The group represents a partnership between Fifth Avenue Capital, a New York City private equity investment firm led by the principals of Pearson Partners Inc., and Waterford Hotel Group, a Connecticut company that operates hotels and convention centers across the country. Waterford will assume management of the DoubleTree Little Rock.
The purchase price was undisclosed.
“We look forward to working with the City of Little Rock, the Little Rock Convention and Visitors Bureau, and the team of associates at the hotel, and we would like to thank them for their support during this transition,” said Rob Winchester, Waterford president and COO, said in a news release.
The DoubleTree is adjacent to the Robinson Center, which is currently undergoing a $68 million renovation and scheduled to reopen in the fall of 2016.
Last month, the Little Rock advertising & promotion commission approved $5 million in renovations tied to the acquisition of the DoubleTree.
“The DoubleTree enjoys a prime location in the heart of historic Little Rock, Winchester said. “We are busy planning for an extensive renovation with a focus on enhancing guest experience for those visiting the downtown area for business or leisure travel, as well as for the local community visiting the many area attractions. We are excited to share more information on the renovation plans once finalized.”
The DoubleTree Little Rock marks the LLC’s first hotel acquisition and Fifth Avenue Capital’s first hotel investment.
“While we have historically invested in retail and office properties, we have been seeking quality value-add hotel investments with a strong operating partner,” said Fifth Avenue principal David Pearson in the release. “In the Little Rock DoubleTree and the Waterford Hotel Group, we have found both.”
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