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Last updated on Monday, February 20, 2012, 9:22 amSpringdale Hotel Changes Ownership for $1.86 Million
A 60-room hotel in Springdale is under new ownership following a $1.86 million transaction. Swetal I. Patel, managing member off SAI Leela LLC, bought the Super 8 Motel at 4540 W. Sunset Drive. Night-Rest Inc., led by Tom Bhakta and Narenda Krushiker, was the seller. The deal was funded with a $1.39 million mortgage from Centennial Bank of Conway. The 1.86-acre development appraised in 2011 for $1.8 million.The hotel reported revenue of $540,000 in 2010. Duplex Developments Chris and Kerri Elder, through their Elder Construction Co. of Springdale, recently bought five building permits valued at a combined $1.35 million to build duplexes in Bentonville. The duplexes will be built on Southwest Broadstone Avenue in the Stonegate Subdivision on Arkansas Highway 102 and Tater Black Memorial... [ MORE ]-
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