IBAC Corporation Signs a Definitive Letter of Intent to Acquire a Majority Control of the Royal Arkansas Hotel & Suites, Inc.
NEW YORK, Feb 2, 2005 (BUSINESS WIRE) -- IBAC Corporation (PINK SHEETS:ICAN) today announced that they have entered into a definitive letter of intent whereby IBAC will acquire a majority control interest in The Royal Arkansas Hotel & Suites, Inc. the transaction is subject to a definitive agreement and all regulatory approvals.
The Royal Arkansas Hotel & Suites is a 200 room five story atrium Hotel on the grounds of the Pine Bluff Convention Center and is attached to the Convention Center. The Hotel features an indoor swimming pool two restaurants a lounge and 10,000 square feet of banquet space and 4000 sq feet of rentable office space in the lobby area. The hotel has a 23M dollar replacement value and was built in 1989 by Kemmons Wilson the founder of Holiday Inn and is approximately 180,000 square feet in size and holds a full liquor license.
The Pine Bluff Convention Center (www. pinebluffonline.com) has 90,000 square feet of meeting and exhibit space, the Convention Center is the fourth largest meeting facility in the state of Arkansas. This colossal center features a state-of-the-art arena, an auditorium/theater, banquet hall, spacious lobby area, ample parking, full camper hookups, a beautiful park and the Arkansas Entertainers Hall of Fame.
" We have decided on this acquisition to enhance our holdings in Arkansas as IBAC thru its subsidiary National Hospitality Management Services already holds a (5) year contract with (4) renewable (5) year options for the food beverage, concession & banquet services at the convention center and also manages the food, beverage and banquet operations of the hotel. I am very excited about this acquisition as it gives IBAC exclusive revenue from everyone eating, drinking and lodging in the entire convention center complex to IBAC," said Edward W Hayter President
The Royal Arkansas Hotel & Suites is jointly owned by Turner Hughes Corporation and International Hotel Management. Turner Hughes Corporation is a private Investment Banking Firm owned by Edward W Hayter President of IBAC Corporation.
The company also keeping with its aggressive plan for growth over the next three years is in the preliminary stages of negotiating an acquisition of a chain of restaurants in Arkansas that has revenues of 13.5M per year with an EBITA of approximately 1.4M
