The Royal Hotel and The Oaks are being marketed as possible apartment ormixed-use structures. The Royal was closed three years ago. It has 130rooms and about 8,000 sf of ground floor space that would besuitable for commercial use. Renovation is estimated to cost at least $3million.
Herschel Cox, broker with Cohen-Esry Real Estate Services Inc., ismarketing the the Royal Hotel. The Oaks is owned by the city and hasbeen closed for more than 10 years after sustaining a fire.
Since its reopening, the Elms has been a drawing card for the small townand millions of dollars have been invested in the Downtown. Last year,it was placed on the National Register of Historic Places, which helpscity officials obtain state and Federal tax credits and monies forrenovation projects.
The Elms Resort & Spa was built in 1888 and has been touted through theyears for its soothing mineral waters. It has been a getaway for guestssuch as Presidents Harry Truman and Franklin Delano Roosevelt and a trainingcamp for boxer Jack Dempsey.
The Elms sits on 16 acres above the Fishing River and contains 152rooms, 42 of which are suites. It has been closed and renovated twicebefore because of fires. The latest renovation was done by a variety oflocal contractors, according to executive assistant Cindy St. John. Theresort is operated by Millennium Management.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
