great call on McClard's. The lakes in the area are also nice.
We stayed at the Arlington Hotel - a nice old historic hotel. We did the Springs there. I would not do it again. Their "spa" was built in the 30's or 40's. You basically sit in a bath tube and they turn on the hot water. The "spa" reminded me of One Flew Over the Cuckoo's Nest...same general vibe.
We used to stay the Buena Vista years ago(1980's). Old, but clean and a good deal back then. You might check into that. I think there is live horse racing until early April.
Hot Springs has 2 very good restaurants, one German, one Italian. Both are down the hill from the Arlington. I'm sorry, I 'm not sure of the names, but a little Googling makes me think I'm talking about Brau Haus and Belle Arti. Overall, I thought Belle Arti was better, and was a real surprise.