ATLANTA—With the acquisition this week of The Peabody Little Rock by an affiliate of Fairwood Capital, Davidson Hotels & Resorts, an independent hotel management companies, announced that it has assumed management of the 418-room hotel in downtown Little Rock, Ark. The hotel is the second management agreement between Fairwood and Davidson.
“The property is a vital economic engine for Little Rock and is one of the most prominent hotels in the Mid-South. We appreciate Fairwood’s confidence in our ability to help maximize its potential, and look forward to delivering an unrivaled customer experience in this marquis property,” said John Belden, Davidson’s president and CEO. “The addition of the Marriott Hotels & Resorts brand will enable us to maximize the economic impact the property will have on the city, the state and within the region. The new Little Rock Marriott will expand our overall Marriott portfolio to eight full-service assets with over 2,500 rooms.”
“Davidson has done an outstanding job managing the Hilton Knoxville,” said Ed Ansbro, executive vice president of Fairwood Capital. “We have every confidence that Davidson’s management expertise, coupled with an upcoming renovation and rebranding, will help this hotel retain its position at the very pinnacle of the market.”
The hotel will convert to a Marriott Hotel in Q2, 2013. Davidson will undertake a multi-million dollar renovation of all guest rooms and public spaces starting in Q4, 2013. The property offers 418 guestrooms, 40,000 square feet of meeting and ballroom space, a restaurant, lounge, and lobby bar.
“This hotel already serves the city’s needs for upper upscale hotel rooms, and upon completion of the renovation, there will be nothing in the market that compares,” said Steve Margol, chief investment officer of Davidson. “Adding Marriott’s global reach and marketing heft to a prestige property further assures its bright future.”