LITTLE ROCK, Ark. (KTHV) --It's official. The ducks will soon be no more.
At the city council meeting Tuesday, members voted to approve a new lease with a new owner of the Peabody Hotel. Since June, the city has been working with Memphis-based company Fairwood Capital to transition the iconic hotel into a Marriott.
Mayor Mark Stodola said it will be a major benefit to Little Rock.
"It most likely will increase reservations, increase the number of people to the city, increase tourism and increase our local economy," said Stodola. "We are very excited about the opportunity it presents to us."
The mayor also said during the transition, there will be an estimated $16 million dollars in renovations.
City officials said the lease will likely be signed by the end of this month, and would give Fairwood up to six months to operate the hotel as the Peabody while renovating the hotel into a Marriott.
The new lease will last for 40 years.
Agreement signed for potential sale of The Peabody Little Rock