New owners pay $2.6M for hotel in LR, plan to keep it ‘forever’
Bri and Dee Corp. of Little Rock paid $2.6 million last month for a 99-room former Studio 6 hotel at 1010 Breckenridge Drive in west Little Rock.
Dipesh Patel is president and registered agent for Bri and Dee Corp. He has rebranded the three-story hotel as Mstar, a European brand. It previously was a La Quinta, among other brands.
Glenn Everton incorporated the company in 2014. Mukeshbhai Patel was secretary.
Bri and Dee Corp. borrowed $2.3 million from Entegra Bank of Franklin, N.C., to help finance the deal. About $2.1 million went to buy the hotel, $69,000 was to cover closing costs, $25,000 as working capital and $154,000 for renovations, the mortgage said.
The mortgage on the 2.2 acres and hotel matures in 2043.
Dipesh Patel said he is trying to improve the hotel so he can get an affiliation with a bigger name.
Dipesh Patel sold the hotel he owned in Ozark and bought the Little Rock property. “It was my wife’s dream that we buy this kind of hotel someday,” he said. “So I made it true for her. Maybe we can make it a five-star someday. Maybe we can put in a gym room, a conference room and a pool someday. Or a restaurant and bar.”
Dipesh Patel concedes those amenities may have to wait, but he has a seven-year plan to upgrade the hotel.
“I’m planning on keeping it forever,” he said.
The hotel was built in 1986. The property appraised at $2.1 million this year.
The seller was J&B Legacy Hotels LLC, a Texas limited liability company led by Jay V. Patel.
SHERWOOD MEDICAL
Pediatric Clinic Properties LLC bought a medical building at 1525 Country Club Road in Sherwood for $1.8 million last month.
The seller was 1525 Country Club Investment LLC.
The 7,600-square-foot medical office was built in 1996.
The clinic sold for $1.3 million in 2004, $1.3 million in 2005, $1.6 million in 2016
and $1.8 million last month. The clinic appraised at $1.8 million last year.
Pediatric Clinic Properties borrowed $982,000 from Arvest Bank last month to help finance the purchase. The mortgage expires in 2028.
Managers of Pediatric Clinic Properties include Dr. Kimberly Clinton, Dr. Kimberly Hurlbut, Dr. Lourie Battles, Dr. Bishawn Morris, Amanda Barber, Nicole Turner, Dr. William Still and Dr. Holly Montgomery.
The clinic had been looking for a new location for some time, Barber said, “but we didn’t want to build from the ground up.” She said the clinic will open in the new location on Jan. 2.
The Sherwood building is about the same size as Pediatric Clinic’s current space in the Springhill Medical Plaza and was chosen because it already housed a medical practice, Barber said.
“It already had exam rooms, a lab and an X-ray space,” Barber said. “It was easier and more cost-effective for us to renovate on the inside than build from the ground up.”
Barber incorporated Pediatric Clinic Properties in September.
FLASHMARKET SALE
Arch Street Partners LLC paid $1.1 million for a Citgo Flashmarket at 10401 Arch Street Pike in Little Rock last month.
The convenience store has 3,100 square feet and was built in 1998.
Asif Hussain is the registered agent and incorporated Arch Street Partners in September. Arch Street Partners is based in Snellville, Ga.
Arch Street Partners borrowed $825,000 from Centen-
nial Bank, based in Conway, to help finance the purchase. Hussain signed the mortgage.
The sellers were In Ho Lee and his wife, Yeon Nam Lee.
MOOSE CLEANERS
BBG Investment Properties LLC paid $290,000 last month for a building housing a Moose Cleaners in North Little Rock.
The 8,100-square-foot cleaners is at 105 E. Pershing Blvd. It was built in 1966.
The building and land were appraised at $628,000 this year.
Joe Veiga, president of BBG Investment, incorporated the company in 2015.
To help finance the deal, BBG Investment Partners borrowed $250,000 from Hope Federal Credit Union in Jackson, Miss. The mortgage matures in 2028.
The sellers were Roger Warhurst and Donald Gann, the administrator of the estate of Sherry Ann Gann.