June 25 , 2007
FOR IMMEDIATE RELEASE
Settles Hotel Development Company Acquires Former Greyhound Bus Terminal.
Big Spring, Texas –The Settles Hotel Development Company, LLC, (SHDC) today announced that it has closed on the acquisition of the downtown Big Spring properties located at 313 and 315 Runnels. These properties are adjacent to the historic Settles Hotel and include the former Greyhound Bus Terminal. The bus terminal location began operations in the mid 1940s and continued operations through the late 1980s. Subsequently, the bus terminal location closed when Greyhound moved its operations to the current location on Third Street. Ms. Leslie Elrod of Home Realtors, Big Spring, represented SHDC in the transaction.
The properties were acquired as part of the redevelopment of the Settles Hotel and will ultimately be included in the new Settles Hotel site plan. Environmental clean-up and abatement of the bus terminal building is scheduled to begin in the next few weeks, subject to SHDC obtaining required environmental surveys and construction permits. According to Kristopher Ryan, SHDC General Manager, "The bus terminal building was not properly maintained and has suffered extensive water damage. The building also contains various asbestos-containing materials and will require an extensive abatement effort."
The acquisition of the Runnels properties, which are strategically significant to SHDC’s Settles Hotel renovation project, was a result of long-running negotiations between the former owners and SHDC representatives.
About Settles Hotel Development Company, LLC
The SHDC was formed to acquire and restore the historic Settles Hotel property. SHDC is owned by G. Brint Ryan, a native and former resident of Big Spring, Texas, and is managed by Kristopher K. Ryan, General Manager, and a Big Spring, Texas, resident. For more information on SHDC, please visit www.settleshotel.com.
PRESS INFORMATION CONTACT:
G. Brint Ryan
Manager
Settles Hotel Development Company LLC
972.567.4495
brint.ryan@ryanco.com
