LITTLE ROCK, Ark. (KTHV) - The Peabody Hotel in downtown Little Rock may be up for sale.
An affiliate of Peabody Hotel Group, BG Excelsior Limited Partnership, signed an agreement with an affiliate of Fairwood Capital, LLC about the potential sale.
Fairwood Capital, LLC is a real estate investment firm focused on hospitality assets.
The sale can't be completed until the buyer completes certain conditions including getting the sale approved by the City of Little Rock officials.
"The Peabody has been honored to be part of the Little Rock community for these past 10 years," said Andrew Groveman, senior vice president of Belz Enterprises, the Memphis-based family-held business that is affiliated with Peabody Hotel Group. "We are delighted to have found a prospective buyer we have known for many years and who plans to invest substantial funds into the hotel, so that it will continue to be a vital part of the Little Rock lodging and tourism scene."
In a press release, it says:
"The buyer is exploring several upscale national hotel franchise companies to determine a brand for the hotel. The rebranding of the hotel will require a multi-million dollar investment in comprehensive renovations to the property.
"Property renovations will likely include all guest rooms and some public spaces, and they are not contingent upon financing. The buyer expects to select a brand for the hotel within the next month."