High Profile Hotel Developer Eyes Jonesboro Property - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro, AR--Tiffany Blankenship Reports

High Profile Hotel Developer Eyes Jonesboro Property

June 28, 2005--Posted at 9:00 p.m. CDT

JONESBORO-- Word has it, a multimillion dollar purchase has been made here in Jonesboro by a leading hotel developer.

It's a purchase that could officially make Jonesboro a business Mecca, and sources say that reputation may come very soon.

There's a lot of speculation about the eight acre plot on the corner of Race and Fairpark, but K-8 sources say the buyer has been found.

According to the sign on the lot, the property is sold, and Fred Dacus, who listed the property, says the sale is pending. However, he can't confirm the buyer until the transaction is closed.

Sources say a probable buyer is John Q. Hammons, an industry leading developer of upscale, full service hotels and suites.

In the last three months of '04, Hammons hotels did $185 million in sales, and in March of '05, they did nearly $80 million.

The question is, could this be a sign that Jonesboro will officially become a Mecca?

Sources say Hammons plans to use the supposed $3 million property to build a nine story high rise Embassy Suites with a convention center in conjunction.

Based in Springfield, Missouri, John Q. Hammons hotels owns or manages 58 hotels strategically located in 22 cities with more than 1.8 million square feet of meeting and convention space.

The company is considered to be the leading independent manager of hotel meeting space in the country.

A stellar reputation sources say may soon add to the growth of Jonesboro.

Again, Dacus did not confirm the buyer's identity, but he did say the closing of the transaction will take 30 days.

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