Wal-Mart’s Walton family investing in Ark. hotel




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.)

About the Author(s)

This is your 1st of 5 free articles this month.

Introductory offer: Unlimited digital access for $5/month
4
Articles Remaining
Already a subscriber? Please sign in here.

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.