The Hotel Hot Springs at 305 Malvern Ave. is under new ownership.
Kelley Commercial Partners announced Friday that the 200-room luxury hotel on 1.44 acres had been sold for an undisclosed price to an undisclosed buyer later revealed to be Keith Holland of Little Rock.
The sale comes after Florida real estate developer Gary Gibbs, who had an ownership stake in the 14-story, 134,000-SF hotel, was pushed into Chapter 7 bankruptcy and accused of defrauding creditors. A $128.9 million judgment was handed down against a limited liability company owned by Gibbs in June 2019.
Later that year, creditor SBN V FNBC LLC regained control of the property at a foreclosure auction. At the time, the hotel was valued at $16 million.
Gibbs pleaded guilty to one federal count of conspiracy to commit bank fraud in August 2021.
The hotel, built in 1986 and connected to the Hot Springs Convention Center/Bank OZK Arena, underwent an $8 million renovation under Gibbs’ ownership in 2016. Holland confirmed to the Arkansas Democrat-Gazette that he purchased the property, which is now featured on the website of his Holland Investment Group Inc.
The property was co-listed by Gary Smith and Hank Kelley of Kelley Commercial Partners and Chris Mahoney of Keen-Summit Capital Partners LLC of New York, who handled the transaction.
The square footage of the hotel was incorrectly reported in a previous version of this article.