Arlington, lots went at appraisal-shy $5M
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.