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Article: Subpenny stock venture owns Pine Bluff Hotel: IBAC long on news, short on financial data.(Pine Bluff Convention Center Hotel)
- Article from:
- Arkansas Business
- Article date:
- May 2, 2005
- Author:
CopyrightCOPYRIGHT 2005 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EDWARD HAYTER WASN'T particularly interested in the hospitality industry. That changed when the New York investor was approached last year about helping finance the purchase of a distressed Arkansas hotel.
One thing led to another, and his IBAC Corp. ended up as majority owner of the Pine Bluff Convention Center Hotel.
"We believe in the property down there," Hayter said. "We believe we can bring it back to life.
"The restaurant and lounge were closed when we bought it. Everything is functioning now, so we think we can restore it to its peak. We have tremendous support from the community."
By his estimation, the 200-room hotel is ...