Upscale Hotels in Northwest Arkansas

[zman9810]

Whats going on at the Cosmo? it looks prety dull considering it was going to be "The Upscale" hotel in Fayetteville.

They had their financing through ANB- when it went under they lost the money to finish it. I guess they are in a holding pattern now the same way they are with the Renaissance.

[thewizard16]

They had their financing through ANB- when it went under they lost the money to finish it. I guess they are in a holding pattern now the same way they are with the Renaissance.

The ANB fallout caused quite a bit of havoc. I had a friend who lost some apartments due to ANB loans, it's unfortunate. The Cosmo's reputation isn't so hot right now since the rooms people have been staying in haven't really been updated significantly since Hilton had the place when they were assuming it would be a bit... nicer. Too bad they couldn't have held off on the rename, but once they do get it done, a good "grand reopening" and marketing would hopefully set things straight.

[Mith242]

I looked up that address in "On Dickson" and there doesn't seem to be any information about the Crown Pub building. There is information about 303 Dickson, which is the inn and you can see the pub in the 1995 photo but nothing about 307 Dickson. I'll check to see what the exact address of the pub is- it might not be 307. The layout at the front of that chapter shows 307 as extending back past the inn building.

This may be a bit off topic. But speaking of converting nicer older homes into hotels, does anyone know about the house just east of the Three Sisters development on Dickson? I'm not sure if it's still actually used as a home or if maybe it's office space. But that seems like another good spot to put in a boutique hotel on Dickson St.

[zman9810]

This may be a bit off topic. But speaking of converting nicer older homes into hotels, does anyone know about the house just east of the Three Sisters development on Dickson? I'm not sure if it's still actually used as a home or if maybe it's office space. But that seems like another good spot to put in a boutique hotel on Dickson St.

Welcome back, Mith. I've wondered about that old house myself. I think it is residential- I occasionally see people that look like they are living there. That would make a great little spot for an inn.

[Mith242]

Welcome back, Mith. I've wondered about that old house myself. I think it is residential- I occasionally see people that look like they are living there. That would make a great little spot for an inn.

Thanks. I was thinking the same thing. I've seen some people there who appear to be living there not just going by to work. That and I don't recall ever seeing any signs there. Usually there would be some sort of sign referring to whatever business offices are located there. But I do agree it would be another great location for a boutique hotel. I would think that Dickson St could support both. It's not like the other boutique hotel is huge and would dominate the market there. Of course there are also some nice houses just off of Dickson as well. I think another good location would be some of the nicer homes along Block Ave. You'd have a nice spot near Dickson St and also near the Square as well.

[LRguy21]

Does anyone have any updates on the Cosmo? I had some out of town guest stay there and they said it was awful. Its too bad that the Marriott was never built. Fayetteville needs at least 1 upscale hotel, other than the one on the ua campus.

[Mith242]

Does anyone have any updates on the Cosmo? I had some out of town guest stay there and they said it was awful. Its too bad that the Marriott was never built. Fayetteville needs at least 1 upscale hotel, other than the one on the ua campus.

Seems like someone was mentioning something like this a year or so ago. Not sure if when the economy went down that really hurt the Cosmo or if they got cut off from the easy loans everybody was making back then. I certainly agree that Fayetteville does need at least one upscale hotel. I know Fayetteville doesn't get all the business clientele that Benton County gets, but still. As this keeps going it will be yet another thing that Fayetteville seems to be falling behind in regard to Benton County.

[comreguy]

Seems like someone was mentioning something like this a year or so ago. Not sure if when the economy went down that really hurt the Cosmo or if they got cut off from the easy loans everybody was making back then. I certainly agree that Fayetteville does need at least one upscale hotel. I know Fayetteville doesn't get all the business clientele that Benton County gets, but still. As this keeps going it will be yet another thing that Fayetteville seems to be falling behind in regard to Benton County.

I would expect that property to go into foreclosure/receivership soon. The original loan was with ANB, I belive.

[Mith242]

I would expect that property to go into foreclosure/receivership soon. The original loan was with ANB, I believe.

You hate to see it come to that. But maybe the property will go to an owner that can do a little more with it.

[cowbreath]

If Fayetteville is falling behind Benton County, then it is sad that most people on here have been interested more in Fayetteville.

I guess we should see it as a good thing that developers can't get loans to build huge buildings. I know it is overcorrection because they were so stupid with lending before, but maybe they'll learn something from it all.

[Mith242]

If Fayetteville is falling behind Benton County, then it is sad that most people on here have been interested more in Fayetteville.

I guess we should see it as a good thing that developers can't get loans to build huge buildings. I know it is overcorrection because they were so stupid with lending before, but maybe they'll learn something from it all.

Over time it seems like the Benton County people left and the ones who stuck around where the Fayetteville people. So this forum does tend to be Fayetteville-centric.

As far as the hotel, it's just frustrating to not see any group that's able to set up an upscale hotel in Fayetteville. As I said before I know Benton County has all the business clientele. But I just find it hard to believe that Fayetteville doesn't have enough going for it that some can't set up an upscale hotel for Fayetteville.

[Milver79]

My business partner stayed there last night and we met there for breakfast this morning. It was awful! There computers were not even working. Maybe only two other people there at 8:00 this morning.

[zman9810]

I've wondered how the Cosmopolitan has stayed open considering the top half has been closed since ANB went under. Hopefully they will find more financing or sell out so the renovations can be finished.

[zman9810]

If Fayetteville is falling behind Benton County, then it is sad that most people on here have been interested more in Fayetteville.

I guess we should see it as a good thing that developers can't get loans to build huge buildings. I know it is overcorrection because they were so stupid with lending before, but maybe they'll learn something from it all.

Well...Fayetteville is more interesting than Benton County.

The economy is turning around- credit will become available again. In time there will be a large 4 star hotel built in Fayetteville- it is just matter of when and by whom.

[aerotive]

I've wondered how the Cosmopolitan has stayed open considering the top half has been closed since ANB went under. Hopefully they will find more financing or sell out so the renovations can be finished.

According to this they may not be around much longer:

http://feedproxy.google.com/~r/OzarksUnbound/~3/dMsC7fpRwDM/9369

[zman9810]

According to this they may not be around much longer:

http://feedproxy.google.com/~r/OzarksUnbound/~3/dMsC7fpRwDM/9369

Thanks for the link. Hopefully there is someone waiting in the wings to buy it and bring it back to life. There has to be market for it- it is a landmark building and the only hotel of it's type in town.

[Mith242]

Neither of these are 'upscale' hotels, but since we've been speaking of the Cosmo being in trouble. I thought it was interesting to hear two Benton County hotels have gone over to bank authority, Simmons Suites and Courtyard by Marriott. The article also mentioned the renovations going on at the Cosmo. It started two and a half years ago and still ongoing without any end in site. Apparently 6 floors aren't in a condition to be used. But the article didn't mention anything about the hotel potentially going to bank control. Just that Alexander and Nock had their financing dry up and are still looking for more financing for the ongoing renovations.

[thewizard16]

Neither of these are 'upscale' hotels, but since we've been speaking of the Cosmo being in trouble. I thought it was interesting to hear two Benton County hotels have gone over to bank authority, Simmons Suites and Courtyard by Marriott. The article also mentioned the renovations going on at the Cosmo. It started two and a half years ago and still ongoing without any end in site. Apparently 6 floors aren't in a condition to be used. But the article didn't mention anything about the hotel potentially going to bank control. Just that Alexander and Nock had their financing dry up and are still looking for more financing for the ongoing renovations.

I don't think the Cosmo qualifies as upscale right now, the Courtyard is likely nicer than it is in it's current condition. I do think the Cosmo will qualify as upscale if they ever get the intended renovations completed as originally envisioned. It's current condition is probably best described as "tired", since it doesn't look like much of anything has changed with the building since it was the Hilton. (Sidenote: as much as I like Alexander/Nock, it'd be nice if it still had the brand recognition of the Hilton chain and had been remodeled to be like their newer hotels). I have great hopes that this project will eventually get back underway and give us a nice, modern, hotel in the middle of downtown. I'd also love to see something like the Ren. tower be completed down there eventually, a project like that coupled with new life being given to the Cosmo would increase night-time foot traffic and occupancy in that area enough to effect some major changes.

[Mith242]

I don't think the Cosmo qualifies as upscale right now, the Courtyard is likely nicer than it is in it's current condition. I do think the Cosmo will qualify as upscale if they ever get the intended renovations completed as originally envisioned. It's current condition is probably best described as "tired", since it doesn't look like much of anything has changed with the building since it was the Hilton. (Sidenote: as much as I like Alexander/Nock, it'd be nice if it still had the brand recognition of the Hilton chain and had been remodeled to be like their newer hotels). I have great hopes that this project will eventually get back underway and give us a nice, modern, hotel in the middle of downtown. I'd also love to see something like the Ren. tower be completed down there eventually, a project like that coupled with new life being given to the Cosmo would increase night-time foot traffic and occupancy in that area enough to effect some major changes.

Yeah I certainly have to agree with you on all counts.

[comreguy]

Yeah I certainly have to agree with you on all counts.

Let's be honest here...does anybody think that Alexander or Nock will ever be able to pull off the Cosmopolitan? Every development project on the books for them right now is in disarray, has been given back to the bank that financed it, or is completely stalled. The Cosmopolitan will have to be sold to a hotel owner/developer before it ever realizes its potential.

[zman9810]

Let's be honest here...does anybody think that Alexander or Nock will ever be able to pull off the Cosmopolitan? Every development project on the books for them right now is in disarray, has been given back to the bank that financed it, or is completely stalled. The Cosmopolitan will have to be sold to a hotel owner/developer before it ever realizes its potential.

They could if they could receive financing. They aren't to blame for the credit drying up and banks refusing to work with them. There is plenty of blame to go around for the banking crisis and I wouldn't start at the bottom in laying it. The banks are trying to save themselves and don't care who they hurt in the process.

[Mith242]

Overall it's probably going to come down to what emphasis Nock and Alexander decide to focus on with all their developments. If they gave up on some of their other developments I think they could actually finally get around to it. But I think it's going to come down to what are they going to be willing to give up on, the Cosmo, or some of their other developments? I guess we'll eventually find out what they place the most importance on.

[aerotive]

These are the same guys who haven't given over the deed to long-promised soccer park out near Greenland, will very very likely never pay the promised $1 million meant to develop that park, took $4 million of city money and built a parking lot instead of a hotel, and conned the last administration into taking over responsibility of a toxic landfill.

Why expect anything good to come from them development-wise? I blame their problems on their own bad business sense, not banks.

[zman9810]

These are the same guys who haven't given over the deed to long-promised soccer park out near Greenland, will very very likely never pay the promised $1 million meant to develop that park, took $4 million of city money and built a parking lot instead of a hotel, and conned the last administration into taking over responsibility of a toxic landfill.

Why expect anything good to come from them development-wise? I blame their problems on their own bad business sense, not banks.

As I understand it, the deed to the Southpass parkland is being held up by Chambers Bank- it is the bank's choice as to whether or not to release it and chances are they will not. They have been encouraged to do so but they have the power- not the developers.

They didn't con anyone- the City made the decision with full knowledge of the landfill- ask Mayor Jordan. Same with the RenTower site- the city wanted to remove the Mountain Inn and this was a way to do it. The TIF District is still in place- when the site is developed it will work the same way as it has always been meant to.

And this is from someone who is against Southpass and thinks it should have never been approved.

[comreguy]

They could if they could receive financing. They aren't to blame for the credit drying up and banks refusing to work with them. There is plenty of blame to go around for the banking crisis and I wouldn't start at the bottom in laying it. The banks are trying to save themselves and don't care who they hurt in the process.

The banks aren't to blame for Nock/Alexander failures. They over extended themselves on some bad projects with poor planning, design, and market research. And, they will not receive financing now or anytime soon with the amount of problem assests dangling around their neck. They left a wake of troubles behind them for other people to clean up.