IBAC Corporation (IBCX.PK), majority owner of The Royal Arkansas Hotel & Suites, announced today that it will cease operations effective immediately.
'This is a tremendously sad day for the company, and for our loyal employees who have so well served this property,' said Wayne Burmaster, chief operating officer and president of IBAC Corporation.
'Although there are no definitive plans for the Hotels future, the company will review all options to financially liquidate its position in the property. The decision to cease operations was made after company executives visited the property last week and determined that the financial projections for 2007 do not meet the company's required criteria for an ongoing operation.'
IBAC Corporation has held a majority ownership position in The Royal Arkansas Hotel & Suites since 2004.
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Resort, Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas.
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