The hotel surplus in Northwest Arkansas takes another victim as PPA Hotels LLC, filed for Chapter 11 bankruptcy protection on Dec. 3.
The Microtel at 909 S. 8th St. in Rogers is the principle asset owned by the business entity, according to the filing.
The debtor, Harkomal Dhaliwal, listed assets of less than $50,000 and between $1 million and $10 million in liabilities in the preliminary schedules.
Dhaliwal previously filed Chapter 11 bankruptcy in February, but the case was dismissed in June when the debtor failed to file monthly operating reports with the court as required by law.
Water District Earns Award
The Arkansas Chapter of the American Society of Landscape Architects presented Beaver Water District with an Award of Merit recognizing excellence in landscape design for its new Administration Center in Lowell. Dave Roberts, ASLA, of Crafton, Tull and Sparks provided the landscape design for the project. Beaver Water District supplies drinking water to more than 250,000 people and industries in Northwest Arkansas. For more information, visit www.bwdh2o.org.
Bank Ratings Sink Amid Shortfalls
Metropolitian National Bank and Parkway Bank of Rogers each drew the lowest rating possible by Bauer Financial in terms of overall financial stability in the third quarter.
Bauer, a Florida-based bank research firm, ranks the nation’s banks each quarter on a five star rating system.
Metropolitan National and Parkway were the only two banks in the state to score zero stars.
The banks are operating under strict directives from regulators to raise additional capital, collect on delinquent loans and shore-up balance sheets.
Two area banks garnered the highest rating of five stars - Bank of Arkansas and Bank of the Ozarks. The majority of area banks earned between three and four stars, considered adequate to excellent by Bauer.
Medical Center Plans Partnership
Washington Regional Medical Center will partner with U.S. Preventive Medicine to offer employees The Prevention Plan, a health management program based on the science of clinical preventive medicine.
The program uses technology to assess each member’s health risks and provide a customized program to reduce those risks. The program includes one-on-one health coaching with nurses, personalized action plans and relevant health information.
Washington Regional will begin offering The Prevention Plan to its employees in January 2010. The medical center in partnership with U.S Preventive Medicine also plans to introduce a communitywide wellness initiative in early 2010.
Local Realtors Merge Businesses
The Griffin Company recently merged its real estate business with Clark, Long & Associates into a larger Weichart Realtors franchise. The partners said the combined forces make for a stronger company that can provide better service to Northwest Arkansas.
Weichart Realtors-The Griffin Company merger brings together 112 trained agents who will continue working out of the offices at 5100 S. Thompson in Springdale and 2809 Ajax Ave. in Rogers. Offices formerly leased by Clark Long in Fayetteville, Lowell and Bentonville will be consolidated into the two more centralized locations owned by Griffin, said Philip Taldo, co-owner of Griffin.
The decision to join the Weichart franchise network came out of much research, Taldo said.
Weichart Realtors is a national chain with nearly 300 offices in 35 states. Clark Long brought the brand to Northwest Arkansas in 2007.
Taldo said this merger is the third for Springdalebased Griffin Company, who previously acquired the Hise Group and Benchmark Real Estate in Rogers.
Bordinos Named Top Corporation
The Northwest Arkansas Martin Luther King Jr.
Planning Committee selected Bordinos as the Corporation of the Year. The company has been a strong supporter of King’s legacy, particularly through Bordinos support of the efforts of the planning committee each year.
Each year, the committee sponsors an annual recommitment banquet where approximately 25 scholarships worth $1,000 each are awarded to applicants.
Business, Pages 24 on 12/20/2009