A 121-room Value Place hotel in West Little Rock, Ark., has been sold for $4.08 million, reports Arkansas Business. Value Place Little Rock AR West bought the Value Place Hotel at 21 Remington Drive from VP Partners 2 LLC.
The deal was financed with a $4.08-million loan from Simmons First National Bank of Pine Bluff.
The 3.59-acre development previously was tied to a June 2010 mortgage of $5 million held by BancorpSouth Bank of Tupelo, Mississippi.
VP Partners 2 acquired the site for $665,000 in November 2004. The seller was Boen Enterprises LLC, led by Leonard Boen.