HREC Investment Advisors arranged the sale of the 150-room Clarion on the Lake in Hot Springs, Ark. The buyer of the property is a regional hotel owner and operator.
Kevin Hanley, SVP in HREC Investment Advisors’ Washington D.C. office and Patrick Culligan, principal in the company's Memphis office, exclusively represented the seller during the transaction.
“The sale of the Clarion Hot Springs reflects continued investor interest in cash-flowing assets with value – added opportunity,” Hanley said in a statement.
The hotel is located on the shore of Lake Hamilton in Hot Springs, Ark. Hot Springs is the 10th-most populous city in Arkansas and the county seat of Garland County. Hot Springs is named for the region’s 47 natural springs that discharge approximately 1 million gallons of water daily at a constant temperature of 143-degrees Fahrenheit. Those springs led to the creation of Hot Springs National Park, which was the first federally protected reserve in the United States, gaining protected status in 1832, 84 years prior to the establishment of the National Park Service.
The property is located near Summit Arena, the Hot Springs Convention Center, Magic Springs Theme Park, Hot Springs National Park and more. The hotel offers a lakeside pool, a volleyball court, a picnic area, a playground and a boat ramp for guest vessels. Boat rentals are also available nearby.