A $14 million, four-story hotel will be built in El Dorado as part of the city’s Murphy Arts District, the developer, Newmark Moses Tucker Partners of Little Rock, said Tuesday.
Construction on the 70-room hotel, to be named The Haywood, is scheduled to begin in the spring and should be completed by March 2020, according to the developer.
“We want to create a place where everyone — locals, corporate travelers and weekend visitors to the Murphy Arts District — will feel at home,” said Ray Nolan of the Moses Tucker group.
The project will be financed by First Financial Bank of El Dorado, with AMR Architects and Clark Contractors among the partners on the project.
BancorpSouth originally donated the land, which eventually was deeded to the hotel’s current ownership group.
The ownership group is based in El Dorado but chooses to remain behind the scenes, Nolan said Tuesday.
The owners include members of the Murphy family, founders of Murphy Oil, Murphy USA and Deltic Timber.