The Missouri owner of an historic Arkansas hotel has agreed to the Hot Springs City Board's $680,000 offer to purchase the property.
The Board voted Tuesday night to accept Majestic Hotel owner Gary Hassenflu's caveat that the city's offer be amended to reflect the assessed value of the property- $2.03 million - and to label the $1.35 million difference as a donation to the city.
The oldest of the hotel property's three buildings burned down in February 2014. City officials said its priority after the purchase becomes final will be cleaning up the fire debris.
Officials have said the city may demolish the remaining two buildings to use the property for a park, pool or other public amenity. Several residents have made a push to restore the buildings instead.
