Value Place in Little Rock sells for $4 million

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.

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VP Partners 2 acquired the site for $665,000 in November 2004. The seller was Boen Enterprises LLC, led by Leonard Boen.

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