Property Brochure - Gehrki Commercial Real Estate

PROPERTY INFORMATION PACKET
VELDA ROSE RESORT HOTEL & SPA
HOT SPRINGS, ARKANSAS
The property will be sold as a mixed condo and hotel
development. Sale bookings off plan are available now.
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835 Central Avenue, Suite 200  Hot Springs, AR 71901
501.623-2200  Fax: 501.623-2261  website: www.gehrki.com
VELDA ROSE PIB
FOR SALE: Historic Resort Hotel & Spa
UPDATE: The property will be sold as a
mixed condo and hotel development.
Sale bookings off plan are available now.
The (former) Velda Rose Resort Hotel &
Spa is located in historic downtown Hot
Springs National Park, Arkansas. It is a
10-story, 134,405 SF resort hotel with
191 guest rooms and covered parking
deck is situated within walking distance
of spas, art galleries and antique shops,
museums, upscale retail stores and
world- famous Bath House Row.
217 Park Avenue
Hot Springs, Arkansas
Property Details
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Please contact brokers for sale prices of
condos and hotel rooms.
Deposit: 10% of sale prices at time of
signing contract
Total Guest Rooms: 191
Number of Floors: 10
Year Opened: 1963
Restaurant & lounge
Salon & Spa
Covered Pool Area
Banquet Hall
Lot Size: +/- 1.9 Acres*
Parking Deck has +/- 170 Spaces
*lot size as reported by Garland County tax records
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or acres are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Agency Disclosure: Gehrki
Commercial Real Estate represents the owner of the property described in the marketing information provided.
PROPERTY DESCRIPTION
PROPERTY
Velda Rose Resort Hotel & Spa Property
PROPERTY INFORMAITON
Address
Assessor's Property ID
2014 Real Estate Tax
217 Park Avenue, Hot Springs, AR
55589, 35752 & 35742
$14,985.71 (combined)
SITE DESCRIPTION
Year Opened
Number of Rooms
Number of Buildings
Number of Floors
1963
191
1
10
Lot Size
Frontage
Parking
Zoning
Traffic Count
1.9 acres +/Approximately 315’ on Park Avenue
170 +/C1 – Central Business District
15,000 vehicles per day (2013)
ROOM BREAKDOWN
Double
Double Double
King
Suites/Kitchenettes
Total Number of Guest Rooms
2
120
67
2
191
UTILITIES
Water
Phone
Electric
Gas
City of Hot Springs
AT&T
Entergy
CenterPoint Energy
CONSTRUCTION/MECHANICAL
Foundation
Framing
Exterior
Parking Surface
Roof
Plumbing
Elevator
HVAC
Fire/Life/Safety
Reinforced Concrete
Concrete Slab Floor Slabs
Concrete Footing and Brick
Asphalt
Built up Flat
Copper and Steel
Three
Central Air in Public Spaces
Smoke Detectors, Sprinklers
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or acres are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Agency Disclosure: Gehrki
Commercial Real Estate represents the owner of the property described in the marketing information provided.
VELDA ROSE RESORT HOTEL
AERIAL & SATELLITE IMAGES
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or acres are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Agency Disclosure: Gehrki
Commercial Real Estate represents the owner of the property described in the marketing information provided.
LOCATION & PLAT MAPS
PROPERTY OVERVIEW
The Velda Rose Resort Hotel & Spa is located in historic downtown Hot Springs
National Park, Arkansas. It is a 10-story resort hotel with 191 guest rooms and
covered parking deck. It is situated within walking distance of spas, art galleries
and antique shops, museums, upscale retail stores and world- famous Bath House
Row.
This large resort hotel houses a lounge/bar, a spa and salon, several multi-use
meeting rooms for groups from 20 to 1,000 and banquet hall for up to 500, a Grand
Ballroom with over 4,000 square feet and a dance floor. These rooms, ranging from
336 square feet to over 4,000 square feet offer an additional revenue stream from
events.
ABOUT THE AREA
Known for its world-famous Bath House Row and the boyhood home of President
Bill Clinton, just 1 hour from Little Rock, Hot Springs brags of five million visitors a
year. The number one destination in the state, the historic city of Hot Springs,
Arkansas is America's First Resort and one of the South's most popular family
vacation destinations. Hot Springs is traditionally best known for the natural spring
water that gives it its name, flowing out of the ground at a temperature of 147
degrees Fahrenheit.
The area is surrounded by casinos, horse racing, amusement parks and national
parks, which are tourist generators in addition to the Spas. The pounding action of
thoroughbred horse racing at Oaklawn Park attracts visitors from all over the world.
Family excitement is the key word at Magic Springs theme park and Crystal Falls
water park. The Mid-America Science Museum, the Hot Springs Mountain Tower
and the quartz crystal mine provide great interactive play.
Other points of interest include; the natural wonders of Lake Hamilton, Hot
Springs National Park, Eureka Springs, Historic Washington State Park and Magic
Springs and Crystal Falls. Within the Hot Springs city limits are also multiple
activities including the new botanical wonder, Garvan Woodland Gardens, which
offers year-round natural beauty, while Bath House Row, consisting of eight turn-ofthe century historic buildings, offers tours, family shows and more. All activities to
drive hospitality business into Historic Hot Springs.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or acres are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Agency Disclosure: Gehrki
Commercial Real Estate represents the owner of the property described in the marketing information provided.
THERMAL WATERS
Hot Springs, Arkansas, was the premier baseball spring training site from the 1880s-1940s. The
Chicago White Stockings, Cincinnati Reds, Pittsburgh Pirates, Boston Red Sox and others came
to soothe their aching muscles at the many bathhouses using Hot Springs National Park water.
Hot Springs, Arkansas, gets its name from the naturally thermal spring waters found here.
Flowing out of the ground at an average temperature of 143 °F, the hot springs produce almost
one million gallons of water each day.
The hot springs were such a coveted natural wonder that in 1832, President Andrew Jackson
designated Hot Springs as the first federal reservation. Hot Springs Reservation was essentially
America’s first national park, predating Yellowstone National Park by 40 years.
People have used the hot springs here for more than two hundred years to treat illnesses and
to relax. Both rich and poor came for the baths, and a town built up around the Hot Springs
Reservation to accommodate them.
It’s hard to tell exactly how long people have been visiting the springs. Native Americans called
this area “the Valley of the Vapors,” and it was said to have been a neutral territory where all
tribes could enjoy its healing waters in peace. Spanish and French settlers claimed the area in
the mid-1500s. In fact, famous explorer Hernando de Soto was the first European to visit Hot
Springs in 1541.
It was the bathing industry that made this settlement Hot Springs, the nation’s health resort,
the American Spa.
AREA ATTRACTIONS
DEMOGRAPHICS
Arkansas Parks & Tourism
Garland County, Arkansas
Economic Report - 2013
Annual Visitors
……………………..…...…………... 2,602,733
Travel Expenditures ……………………………….
$641,604,746
TOTAL TRAVEL EXPENDITURES
BY TOURISM REGION
2013
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or acres are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Agency Disclosure: Gehrki
Commercial Real Estate represents the owner of the property described in the marketing information provided.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and
strictly confidential. It is intended to be reviewed only by the party receiving it from
Gehrki Commercial Real Estate and should not be made available to any other
person or entity without the written consent of Gehrki Commercial Real Estate. This
Marketing Brochure has been prepared to provide summary, unverified information
to prospective purchasers, and to establish only a preliminary level of interest in
the subject property. The information contained herein is not a substitute for a
thorough due diligence investigation. Gehrki Commercial Real Estate has not made
any investigation, and makes no warranty or representation, with respect to the
income or expenses for the subject property, the future projected financial
performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition
of the improvements thereon, or the financial condition or business prospects of any
tenant, or any tenant’s plans or intentions to continue its occupancy of the subject
property. The information contained in this Marketing Brochure has been obtained
from sources we believe to be reliable; however, Gehrki Commercial Real Estate has
not verified, and will not verify, any of the information contained herein, nor has
Gehrki Commercial Real Estate conducted any investigation regarding these matters
and makes no warranty or representation whatsoever regarding the accuracy or
completeness of the information provided. All potential buyers must take
appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR
GEHRKI COMMERCIAL REAL ESTATE AGENT FOR MORE DETAILS.