Ar­ling­ton, lots went at ap­praisal-shy $5M

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — Hot Springs Sen­tinel-Record

The Ar­ling­ton Re­sort Ho­tel & Spa in Hot Springs and sev­eral other nearby prop­er­ties in­cluded in its sale Mon­day went for a lit­tle more than $5 mil­lion, be­low the ap­praised value, ac­cord­ing to real es­tate deeds.

The 478-room ho­tel, an ad­ja­cent build­ing and four nearby park­ing lots sold for $5,031,251, about 26 per­cent less than their com­bined ap­praised value of $6,865,550.

Re­pairs on the Ar­ling­ton stopped af­ter the buyer was se­cured, but the new owner — Sky Cap­i­tal Group LP of Lit­tle Rock — was told more ex­te­rior re­pairs are needed “pretty quickly.”

Hot Springs is­sued the ho­tel a no­tice of un­safe con­di­tions last year. The ho­tel has since spent $200,000 on roof and ex­te­rior re­pairs, ad­dressed elec­tri­cal prob­lems and fixed the rot­ted brac­ing sup­port­ing the pool deck.

The ho­tel’s for­mer owner in 2015 es­ti­mated re­pair costs could to­tal up to $50 mil­lion.

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