|Updated: 1/22 9:33 pm
||Published: 1/22 9:28 pm
LITTLE ROCK, AR – The Peabody Hotel will soon have a new name. Tuesday, the Little Rock Board of Directors voted to lease the property to the Marriott Hotel brand.
The new agreement runs for 15 years with an option to renew. It also includes a $16 million renovation of the property’s 418 rooms and 22 suites.
“The Peabody has really been a landmark for the last 10 years in Little Rock,” says Gretchen Hall, the president and CEO of the Little Rock Convention and Visitors Bureau. “It’s a large structure, it’s the state’s largest hotel, and it’s our landmark convention hotel, so it’s really a big deal and we’re excited about the transition moving forward.”
Mayor Mark Stodola projects that the Marriott brand will mean more people coming to Little Rock.
“There are 3 individual Peabodys in the country, so from a standpoint of reservation capacity and the point systems that are so important to people who are traveling now, Marriott is considered one of the top flags in the hotel industry,” says Stodola.
More people in the city translates to more money.
"Over the next 9 years we believe it will generate an additional 52% revenue to our advertising and promotion commission,” says Stodola.
The property is expected to change names by August. The hotel’s famous ducks will be moved either to the Memphis or Orlando properties.