Fairwood Capital, Memphis, Tennessee, is set to acquire the 440-room Peabody Little Rock in Arkansas, according to a report in the Memphis Business Journal.
Fairwood is acquiring the property from BG Excelsior Limited Partnership, an affiliate of Memphis-based Peabody Hotel Group, which leases the land from the city of Little Rock.
Financial details of the deal have not been disclosed; the property is appraised at US$40 million. The Memphis Business Journal reported if the sale is finalized, the hotel will most likely be renovated and receive a new brand.
Fairwood owns several midmarket hotels, including the Hampton Inn and Suites in downtown Memphis, an Embassy Suites in St. Louis, Missouri, and a Hilton Garden Inn in Baton Rouge, Louisiana.