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Hotel group owner aims to sell bankrupt Arkansas Convention Center for more than $6.5M

by The Associated Press | February 17, 2017 at 1:14 p.m.

TEXARKANA — The owner of Texarkana Hotels is seeking approval to sell the bankrupt Arkansas Convention Center for more than $6.5 million.

The Texarkana Gazette reported that Hiren Patel filed a motion Feb. 10 seeking authorization from a bankruptcy judge to sell the property to James Naples for $6.5 million in cash.

The motion also seeks to convey tax benefit agreements from the city of Texarkana and the city's Advertising and Promotion Commission.

The city and the commission filed objections. They say the agreements negotiated in 2009 say the tax benefits can't be conveyed without the approval of the city.

Texarkana Hotels filed for bankruptcy last year amid MidSouth Bank's efforts to foreclose on the property and recoup millions in unpaid debt.

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