Wal-Mart Stores Inc.’s founding Walton family will help finance a hotel in downtown Bentonville, Ark., near the company’s headquarters,
the
Wall Street Journal
reported.
The art-themed 21c Museum Hotel will be modeled after the original 21c Museum Hotel in downtown Louisville, Ky., which opened in 2006. The $28 million Bentonville hotel will have 130 rooms and is scheduled to open by 2012, the article said.
In an unusual twist, the hotel will be designed to complement the $150 million Crystal Bridges Museum of American Art that is under construction nearby. The Bentonville museum is financed mostly by Wal-Mart heiress Alice Walton.
The hotel will be financed and owned by the Waltons, 21c and Bentonville Revitalization Inc., a non-profit organization. Hotel company 21c, founded and operated by Steve Wilson and Laura Lee Brown, a husband and wife, features contemporary art in its rooms and common areas.
The Walton family owns 45% of Wal-Mart. The stake is valued at about $85 billion, the
Journal
article said. (Source:
Wall Street Journal,
June 8, 2010.)
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