Northwest Arkansas Hotel Reopens as Chancellor Hotel

Heartland is proud to announce the grand opening of the Chancellor Hotel in downtown Fayetteville, Arkansas. The ribbon cutting was held on Friday, September 14. Read our press release to learn more.  If you would like to see photos of the newly-renovated hotel, the Fayeteville Flyer has a great gallery from the ribbon cutting. The Chancellor was also featured on Arkansas Business’s website.

Heartland Renaissance Fund, LLC announced the newly–renovated Chancellor Hotel will host its grand opening today. This project received an allocation of new market tax credits from Heartland Renaissance Fund. The hotel first opened as a Hilton in 1981, but it was most recently known as the Cosmopolitan. Located at 70 N. East Avenue in Downtown FayettevilleSquare, the hotel is not far from DicksonStreet, home to restaurants and social venues, and is within walking distance of the University of Arkansas campus. The redevelopment and complete transformation include nearly 200 guest rooms and 14,000 square feet of event and meeting space. Arkansas Capital Corporation’s Chief Executive Officer, Sam Walls, states, “The Chancellor Hotel project represents an excellent example of the economic development benefits which can be stimulated by the use of new market tax credits. Their intent is to provide an incentive for economic activity that perhaps otherwise might not occur.” Walls continued, “The hotel serves as a symbol of pride for the city of Fayetteville and the state of Arkansas. Heartland Renaissance Fund and the Arkansas Capital Corporation Group are extremely pleased to be participants in its success.” The NMTC Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs) such as Heartland Renaissance Fund. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the tax payer’s investment must in turn be used by the CDE to make qualified investments. The 70 organizations were selected through a competitive application and rigorous review process.