Developers with the Haywood Hotel broke ground today on the new 70-room boutique hotel in downtown El Dorado. Located at 119 W. Locust Street, the hotel is one block away from El Dorado’s downtown square.
Construction has officially begun on the project, which is slated to open in May 2020. The current budget for the hotel is $14 million.
The Haywood is expected to generate $2.25 to $2.5 million in annual revenue once it is operational. In addition, $250,000 in sales tax revenue is expected to be generated by the Haywood.
“Watching South East Arkansas flourish in new and unique ways is fantastic,” said Ray Nolan, senior vice president of development at Newark Moses Tucker Partners. “The Haywood is sure to be another diamond in this special part of Arkansas and is an integral part of the success of the arts and entertainment movement in El Dorado.”