CityView Magazine

12 June 2022 Suzanne and Menno Pennink COVER STORY Man with a vision Menno Pennink, whose fingerprints are seen throughout downtown, began his revitalization journey in 1992 when he recruited 17 businessmen to take on transformation of the Prince Charles Hotel BY BILL KIRBY JR. | PHOTOGRAPHY BY TONY WOOTEN M enno Pennink had a vision for a downtown on the downside. Businesses were abandoned and shuttered, including the historic Prince Charles Hotel. Pennink was a man with a mission, and he was committed to his vision. "He put his money where his mouth is," says John Malzone, a longtime real-estate developer in downtown Fayetteville. Pennink was a retired neurosurgeon when Malzone first approached him about downtown. In the 1990s, Hay Street was known for its vacant buildings, seedy bars and prostitutes. e Prince Charles Hotel was headed into bankruptcy. "You need to buy some real estate," Malzone told Pennink. Pennink 's downtown revitalization journey began in 1992 when he recruited 17 businessmen to form Prince Charles Management Corp. At one time, the number of businessmen involved reached 34. "I started writing letters to the newspaper," Pennink says. "Basically, I said a hotel should be a hotel. It would be criminal to tear it down." Southern National Bank, Pennink says, held the deed on the hotel. "I called the bank and said, 'I'll offer you $1.5 million,' and they put the hotel up for auction," Pennink says. "Bob Ray was our attorney. I told him to offer $1.5 million and stop. Nobody else bid. We finally bought it for $940,000." e hotel became successful with a Radisson franchise. Pennink will tell you that, despite the success, operating a hotel isn't easy — especially when a tornado takes off the roof. Aer several years, most of the investors decided it was time to sell the hotel. ey got $4.6 million, he says, when it was sold in 2004. Beyond the hotel Pennink is candid about his venture with the Prince Charles. "I thought when we did the hotel that downtown would take off," he says. "Downtown didn't take off." Pennink wasn't deterred in his resolve for a vibrant downtown.

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