A New York investment group that owns the operating leases for the Doubletree Hotel has struck a deal to sell its interest to another New York investment group and it will bring in a new management firm.
The deal, with undisclosed terms, will go before the Little Rock Advertising and Promotion Commission Tuesday morning. The Commission and the city of Little Rock lease the building and air rights to the hotel, which is part of a convention center development around the Robinson Center, currently undergoing renovation.
If approved, the management firm of the hotel will change from Associated Hotels of Chicago to the Waterford Hotel Group of Hartford. The hotel will remain a Doubletree, but the deal includes an as-yet undisclosed amount of improvements to the property. The deal is viewed positively by the city, said Gretchen Hall, the director of the Little Rock Convention and Visitors Bureau.
I expect to get more documents on the deal tomorrow morning. The meeting is at 10 a.m. A newly formed corporation, FAC-W Markham LLC, would be the new lessee. It was incorporated by a New York property manager. The information should provide some clue about the financial background of the investors in the new LLC formed to do the deal.