BENTONVILLE, Ark. — Affiliates of Bentonville holding company Runway Group said Monday (May 16) that they plan to open a full-service hotel in downtown Bentonville by the summer of 2024.
Real estate development firm Blue Crane is leading the 142-room project at the southeast corner of the downtown square at 200 E. Central Ave. According to a news release, the 116,000-square-foot project will be six stories and include an event space, restaurant, bar, café and two retail spaces.
Blue Crane is Runway Group’s real estate acquisition and development arm. Runway Group is a diversified holding company based in Bentonville and led by Tom and Steuart Walton. They are the grandsons of Walmart founder Sam Walton and the sons of Arvest Bank Group Inc. chairman and CEO Jim Walton.
A Walton affiliate paid $2.55 million in October 2018 for an 11,000-square-foot office building ($231.82 per square foot) that previously stood at the 0.6-acre site. It housed multiple tenants, including the Greater Bentonville Area Chamber of Commerce. The building was razed the following year and is now a green space.
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