O’Reilly Hospitality Management LLC of Springfield, Missouri, has purchased and now manages the 201-room Holiday Inn Little Rock-Airport-Conference Center and the Boston’s Restaurant near the Bill and Hillary Clinton National Airport in Little Rock.
Real estate records show the company purchased the properties, at 3201 Bankhead Drive, from H&C Little Rock Holiday Inn LLC of Fort Smith for $6 million.
In a news release, O’Reilly said it plans to upgrade furnishings and features throughout the property.
“Once renovations are complete, guests will experience upscale and modern meeting and hotel rooms and atrium balcony suites, a substantial upgrade in the functionality and aesthetics of the atrium for business and leisure uses, and a greatly improved exterior look and feel,” the news release said.
The Holiday Inn becomes the 13th property managed or in development by O’Reilly, which was formed in 2007 by Tim O’Reilly, its managing member and CEO. O’Reilly is also negotiating with Arkansas State University in Jonesboro to develop a 200-room Embassy Suites hotel, a conference center and Houlihan’s restaurant on campus.
“Adding the Holiday Inn Little Rock Airport to our management and ownership portfolio of properties is a logical next step in the growth of our management company,” O’Reilly said in the news release. “Due to several economic drivers, Little Rock is a market with a strong base in travel and tourism and we believe this airport location has great untapped potential.”
Also changing hands this year: the nearby Holiday Inn Express at 3121 Bankhead Drive. Airport Hotels LLC, led by Rajesh Mehta, bought the 138-room hotel from H&C Little Rock Holiday Inn Express LLC, led by David Curry, for $4.2 million.
The deal is financed with a five-year loan of $6.27 million from Centennial Bank of Conway.
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