The rain we're getting right now isn't what I would call "torrential", more like average rain.
The thing is that were going to get a steady stream of water for another day, 100% tomorrow. Thursday is still anyone's guess, weather.com is saying that the chances are 70% - which means that they are being conservative until better information is available.
If you're coming up from the south, do not ride the road that is part of the planned path for Saturday (Hwy 23 / The Pig Trail ). It's a great road, but no fun with water on it.
As for Hotel Availability, I think you'll find places in either Fort Smith or Little Rock. I checked Hampton Inns at both cities for arrival on Thursday the 4th and all Hampton locations had availability. Hampton locations in Clarksville and Russelville (both on I-40) had availability as well. Staying at any of these locations puts you within a casual-riding distance of Eureka Springs.