JV Acquires AR Hotel Portfolio
- Feb 21, 2018
A joint venture between Hospitality Ventures Management Group (HVMG) and Investra have purchased two hotels in Bentonville and Rogers, Ark. The buyers acquired the portfolio for $14.1 million from A.G. Holdings, according to Benton County records. The properties involved in the transaction include a 78-key TownePlace Suites in Bentonville and a 130-key Candlewood Suites in Rogers. HVMG, which has operated both hotels for the past five years, will continue to manage the assets and their planned hotel renovations.
Situated at 3100 S.E. 14th St., the TownePlace Suites by Marriott Bentonville Rogers is located at the southwest corner of the Interstate 49 and Arkansas Route 102 interchange. Sitting adjacent from Northwest Arkansas Community College, the four-story building is within one mile of Walmart’s headquarters. Guest amenities include an indoor pool, a fitness center and complimentary Wi-Fi.
Accessible location near shopping
The two-building, four-story Candlewood Suites Rogers/Bentonville, located at 4601 W. Rozell St., sits at the southeastern corner of Interstate 49 and West Olive Street. At the north end of a 98-acre retail district, the property is in close proximity to a number of shopping and dining options including Kohl’s, Barnes & Noble, Lowe’s, Chili’s and Logan’s Roadhouse. On-site amenities include a 24-hour business center, complimentary laundry facilities, a fitness center, a heated indoor swimming pool and Wi-Fi.
“Our familiarity with these hotels and markets provided us with firsthand knowledge of the strength and upside potential of these assets,” said Robert Cole, president & CEO of HVMG, in a prepared statement. “We maintain an aggressive appetite to expand our portfolio and continue to seek out best-in-class partners like Investra to pursue our acquisition and management growth goals.”
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