FAC-W Markham, a partnership of affiliates of Fifth Avenue Capital and Waterford Hotel Group, has finalized the purchase of the 288-room DoubleTree by Hilton in Little Rock, Ark. The hotel has 288 rooms, the Plaza Grille and Bar, flexible banquet, catering, and meeting space, a business center, and an outdoor swimming pool.
Fifth Avenue Capital is a New York-based private equity investment firm that is led by the principals of Pearson Partners, Inc. Connecticut-based Waterford Hotel Group has assumed management of the hotel.
The hotel is the first acquisition for the venture and marks Fifth Avenue Capital's first hotel investment. David Pearson, a principal of Fifth Avenue Capital, said, "While we have historically invested in retail and office properties, we have been seeking quality value-add hotel investments with a strong operating partner. In the Little Rock DoubleTree and the Waterford Hotel Group, we have found both."
The new ownership has also announced that plans are currently underway for a more than $5 million renovation of the DoubleTree Little Rock. "The DoubleTree enjoys a prime location in the heart of historic Little Rock. We are busy planning for an extensive renovation with a focus on enhancing guest experience for those visiting the downtown area for business or leisure travel, as well as for the local community visiting the many area attractions," said Rob Winchester, President and COO of Waterford Hotel Group.