An iconic Hot Springs property has sold for more than $1.1 million.
Trilochan LLC has purchased floors 1-15 of the Medical Arts Building in downtown Hot Springs. This company is a subsidiary of VIPA Hospitality, headed by hotelier Parth Patel. The purchase price for the 15 floors was $1,175,000.
According to reporting from the Hot Springs Sentinel-Record, Parth plans to renovate the build and convert it into a high-end hotel. Currently, Parth has been unable to acquire the building’s 16thfloor.
Started in 1929 and finished in 1930, the Medical Arts Building was the tallest building in Hot Springs until 1960. All but the first floor of the building have been vacant for years, with the Abandoned in Arkansas website listing the building as “abandoned” in 1991.
Patel acquired the Hotel Frederica in downtown Hot Springs for $1.68 million in September 2020. He acquired the 82-room hotel at an auction through the Hotel Le Rock limited liability company.
With the acquisition and renovation of the Medical Arts Building, VIPA will own seven hotels in Hot Springs.
Image courtesy of Wikimedia Commons