The Chancellor Hotel in downtown Fayetteville is being sold to an outfit that develops upscale, boutique hotels in college towns, according to paperwork submitted to the city.
The hotel's owner, Southwind Hospitality Holdings, LLC., an affiliate of Schulte Cos., is selling to GFAR Owner LLC, with the deal expected to close Dec. 12, according to documents submitted to the city regarding certain parking leases.
In 2011, the 200-plus room hotel near the city square on East Avenue was sold to Southwind, led by Ike Thrash of Hattiesburg, Miss., and Sam Alley of Little Rock. The property underwent a significant renovation at that time.
Documents filed with the Arkansas secretary of state's office show GFAR Owner's incorporator to be Benjamin Weprin and lists a Chicago address. Weprin is the founder of AJ Capital Partners, a Chicago real estate developer, owner and operator that specializes in hospitality real estate, according to the company's website.
Emails and phone messages left with Southwind Hospitality and AJ Capital were not returned Thursday.
AJ Capital Partners operates seven Graduate Hotels in college towns across the U.S.
-- John Magsam
State banks' assets up 9.3% to $106.5B
Arkansas' 94 banks had $106.5 billion in assets as of Sept. 30, according to Federal Deposit Insurance Corp. data, an increase of 9.3 percent from the $97.4 billion in assets reported for 98 banks a year ago.
Total deposits in the third quarter this year equaled $84.7 billion, up 8.6 percent in the past year and up 20 percent in the past 10 years.
Total loans were $75.6 billion as of Sept. 30, an increase of 13.2 percent in the past year and 29 percent in the past 10 years.
There were $20.5 billion in deposits in 33 banks in the Little Rock metropolitan area as of June 30 and $10.8 billion in deposits in 39 banks in Northwest Arkansas.
-- David Smith
Dip of 0.82 posted for Arkansas Index
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.82 to 397.04 Thursday.
"Renewed concerns over relations between the United States and China along with falling crude oil prices led to a sharp drop in equities at the market opening but stocks rose gradually through the day to recoup most of the losses," said Leon Lants, managing director at Stephens Inc. in Little Rock.
Total volume for the index was 25.5 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 12/07/2018