The Stephens Empire: Big Plans for Downtown LR?

[skirby]

Ark Times reports that it looks like an October opening for the Capital Hotel.

[Architect]

The Capital Hotel's website says it will reopen on November 19th.

[Aporkalypse]

I've heard its phenomenal...I'm anxious to see it. Should be first-class.

[skirby]

Arkansas Business reports that Lone Star U.S. Acquisitions of Dallas was the high bidder for the mortgage. They paid $7,544,469.61. Lone Star can now foreclose on the loan. Now that HUD is no longer a party in the development the restrictions calling for government-subsidized units are no longer in play. Lone Star is not new to the Little Rock market. They bought the mortgage on the Riverview Apartments before the development became The Cliffs condo project. It will be interesting to see what happens now.

[turboturtle]

I read an article about the addition in the rear. They wanted the columns to be exact replicas of the original columns in the lobby and they hired the best plaster restoration guys in the country to come in and make them the way they did more than a century ago so they would be perfect mimics. Stephens must really love his hotel, he sure did it right.

Is the restaurant going to be dramatically different? I always thought Ashley's was very good.

[Architect]

An in-depth article about the remodel on the front page of Today's DOG. I thought all the new kitchen equipment sounded very impressive, especially the device the heats a pot's content magnetically so that the pot itself isn't hot. WOW! A 200 steak dinner trial run at the Arkansas Bar Association meeting sounds impressive. After reading it, I got the distinct impression the Stephens has aimed for a 5 star hotel.

[turboturtle]

Actually, it heats the pan directly bypassing the cooking surface (the surface isn't hot). It doesn't directly heat the contents. Its an "induction" cook surface, and you have to use the right kind of cookware - it doesn't work with glass, etc.

[Architect]

Can you make smores with it?

[arkansas_buff]

There's a great story on the re-opening of the Capital Hotel in USA Today. You can read it here.

There's a great photo of the lobby as well.

[skirby]

With the reopening of the Capital Hotel what will Stephens do next? He said in the past that Block2 caused concerns for Main St. redevelopment. It looks like this problem will soon be over. Also, the parking lot next to the Capital Hotel is ready for development. Does he have plans for this property? I think it is interesting that when the Capital was redone the number of rooms were reduced and the hotel now has five kitchens. Was there any thought given to the possibility that a condo tower would be built next door and the hotel could offer food service to the condo owners. No other condos in LR could even come close to having this type of service.

[Architect]

With the reopening of the Capital Hotel what will Stephens do next? He said in the past that Block2 caused concerns for Main St. redevelopment. It looks like this problem will soon be over. Also, the parking lot next to the Capital Hotel is ready for development. Does he have plans for this property? I think it is interesting that when the Capital was redone the number of rooms were reduced and the hotel now has five kitchens. Was there any thought given to the possibility that a condo tower would be built next door and the hotel could offer food service to the condo owners. No other condos in LR could even come close to having this type of service.

[theman]

Not a condo tower, but a fourth high-end convention hotel. That's the prevailing thought about Stephen's plans for this property.

[bchris02]

I was thinking the same thing. I wonder if Stephens would go with a high end chain or keep it independent.

[Aporkalypse]

I hope its either a flagship hotel i.e. Marriott/Rennaissance, Westin, etc, or something independent. I don't want to see another Holiday Inn, Hampton, Courtyard, Residence Inn, or any other second tier hotel.

[LRU1967]

Not a condo tower, but a fourth high-end convention hotel. That's the prevailing thought about Stephen's plans for this property.

[theman]

Warren Stephens obviously takes great pride in the remodeled Capital Hotel. Would he want a high-rise building looming over his creation? A person with his resources can maintain the half-block just as it is. I would think the property between 2nd and 3rd on Main a more likely location for another hotel. Doesn't Stephens own that tract?

[LRU1967]

Why maintain it when you can make money off of it. It would continue is his giving back to central Arkansas (Dickey Stephens Park) and he can expand on what he's done at the Capital Hotel and maybe jump start the revitalization of Main St. I don't think the Capital Hotel would suffer if another convention hotel was nearby. The Capital is going to draw clientele that will want to stay at a boutique hotel rather than a large convention hotel.

If he does decide to build a convention hotel I hope he flags it as a Hyatt, Westin or Rennaissance.

[Aporkalypse]

My point wasn't that Stephens might think the Capital would suffer from an adjacent hotel but rather that a high rise on the east side of the Capital wouldn't provide much of a view for the rooms on that side. Not that there's much of one now, although any view is better than a brick wall. As for him "making money off of it", I think Stephens is way beyond having to make money from everything he owns.

I don't know Warren Stephens but from what I've read the Capital Hotel project is something very special to him and his family. Would he be inclined do something that might take away from the elegance of his building?

[LRU1967]

There has pretty much always been a building next to it throughout it's history (even before the Greyhound station), this is actually a new thing to have that open space.

I don't think you sit on a piece of property that prime just to make sure your windows have a view.

[Aporkalypse]

Yes you're right, there were buildings there before the bus station and they were a lot more attractive than what replaced them. I don't think making sure the windows have a view is by any means the only reason Stephens might not develop the half-block. I'm sure you're aware of the numerous properties Stephens owns on Main Street. It appears that he is in no hurry to develop his holdings. It's hard to put yourself in the shoes of a man with Stephens wealth. While you might not sit on the property you're probably not a billionaire.

[Architect]

Yes you're right, there were buildings there before the bus station and they were a lot more attractive than what replaced them. I don't think making sure the windows have a view is by any means the only reason Stephens might not develop the half-block. I'm sure you're aware of the numerous properties Stephens owns on Main Street. It appears that he is in no hurry to develop his holdings. It's hard to put yourself in the shoes of a man with Stephens wealth. While you might not sit on the property you're probably not a billionaire.

[theman]

My point wasn't that Stephens might think the Capital would suffer from an adjacent hotel but rather that a high rise on the east side of the Capital wouldn't provide much of a view for the rooms on that side. Not that there's much of one now, although any view is better than a brick wall. As for him "making money off of it", I think Stephens is way beyond having to make money from everything he owns.

I don't know Warren Stephens but from what I've read the Capital Hotel project is something very special to him and his family. Would he be inclined do something that might take away from the elegance of his building?

[LRU1967]

You're right. He may not have to make money off of everything he owns. I'm sure he doesn't make anything off of the Aloation, but that is a different animal all together. He didn't build Aloation as a business venture per se. He wanted a world class golf course that he and other big wigs could play in Little Rock and he has the money to do that.

The Capital is another thing all together. It is a business venture even though it is close to his family. They saved it from the wrecking ball most likely. But I bet you that he didn't invest $24 million just to say he could spend $24 million to refurbish the hotel. He's positioning it to be "the hotel" to stay at when coming to Little Rock. He's going to want to recoup that money over the long haul.

[Aporkalypse]

I fully agree. I also don't think he spent $24 million to have his project overshadowed by a high rise building.

[theman]

He significantly downsized the number of rooms from 120 to 94 to make it more of a meeting place. That tells you what the Capitol is about. The meeting space, restaurants, weddings and receptions, etc are more important than the rooms in a boutique hotel like this.

To offset his 4-star hotel, could WS put in a more standard 3-star convention hotel that would compete with the Peabody and Doubletree? Honestly, I think the Peabody's getting a bit worn and the Doubletree is nice but not outstanding. Both are lagging their brand name a bit. Already, the Peabody doesn't really compete with the Capitol for the high rollers. I think you could put a new hotel on that corner and pack it pretty easily.