Texas firm buys Little Rock hotel in $10.4M deal

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The 263-room Four Points by Sheraton hotel in Little Rock has been sold to a Texas firm for $10.4 million, according to a warranty deed last month.

Al Rajabi and his Windsor Capital sold the Four Points by Sheraton, at 925 S. University Ave., to Newstream Hotel Partners of Roanoke, Texas. Rajabi bought the Little Rock hotel, which was built in 1976, in 2014 for $5 million and signed on to the Sheraton brand. It also has been part of the Hilton and Clarion chains over the years.

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Rajabi also bought the Arlington Hotel in Hot Springs last year and announced a renovation plan of more than $40 million.

Newstream said on its website that its new Little Rock property underwent a $20 million renovation in 2004, in addition to an $8 million renovation by Rajabi in 2016.

— Stephen Steed

Economist to speak at Harding event

W. Michael Cox, an internationally recognized economist and expert on financial trends, is the first speaker in the 2018-19 Distinguished Lecture Series at Harding University in Searcy.

Cox, whose appearance will begin at 7:30 p.m. today in the school’s Benson Auditorium, will address “the present and future of the global economy, all based on historical financial data and painstaking research,” according to a news release from the university.

The event is free and open to the public.

Cox, a 1972 graduate of Hendrix College in Conway, is the former chief economist and senior vice president of the Federal Reserve Bank of Dallas, where he advised presidents on monetary and other economic policies for 25 years. He holds the distinction of being the only chief economist in the Federal Reserve System’s history.

Cox is the chief executive officer of W. Michael Cox and Associates of Dallas and director of the O’Neil Center for Global Markets and Freedom in the Cox School of Business at Southern Methodist University.

He is the author of Myths of Rich and Poor: Why We’re Better Off Than We Think.

— Noel Oman

State index ticks up 1.10 point to 463.00

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 1.10 to 463.00 Monday.

“Concerns over the potential wider impact of the trade battle between China and the United States, combined with oil prices hitting a four-year high, pushed stocks lower around the world on Monday,” said Chris Harkins, managing director with Raymond James & Associates in Little Rock.

Total volume for the index was 15.1 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 09/25/2018

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