APRIL 13, 2006 - Posted at 2:51 p.m. CST
JONESBORO, AR - The Rainwater family of Jonesboro has announced the sale of both the Holiday Inn and Holiday Inn Express hotels of Jonesboro to a Ruston, Louisiana-based hotel company.
"The hotel business has been an important part of our business for some 40 years. During this time we have operated a number of facilities in not only Arkansas, but also in Texas, Oklahoma and Tennessee. We still operate properties in those other states," said Bill Rainwater, Sr. of Rainwater & Cox, Inc.
Rainwater & Cox, Inc. controller Skip Smith told K8 News that the company's sale of the Holiday Inn to Jonesboro Hospitality, LLC was completed on March 29. Smith says the company completed the transition with Jonesboro Hospitality's sister company, Dhillon LLC, on April 10, for the Holiday Inn Express property.
Rainwater said, "Northeast Arkansas has been home for our family for several generations. We expect that to continue and to maintain our practice of looking for business opportunities both here and elsewhere."