July 13, 2009
FOR IMMEDIATE RELEASE
SHDC Finalizes Historic Settles Hotel Acquisition; Environmental Remediation, Demolition Substantially Complete.
Big Spring, TX—The Settles Hotel Development Company, LLC, (SHDC), today announced that is has successfully completed its purchase of the historic Settles Hotel. Although the property has endured several failed rehabilitations, as well as deterioration from neglect and vandalism, the Settles Hotel remains the focal point of downtown Big Spring and one of the most famous historic structures in West Texas. The City Council of the City of Big Spring approved SHDC’s bid of $75,000 in November 2006 and subsequently entered into a definitve purchase agreement with SHDC. The definitive purchase agreement provided for title transfer upon completion of the environmental clean-up and asbestos abatement of the historic property. Larry Shosid of Bell, Nunnally & Martin, Dallas, Texas, represented SHDC in the transaction.
Abatement, Incorporated, Sugar Land, Texas, recently completed the environmental clean–up and asbestos abatement at the Settles Hotel property in accordance with the abatement specifications prepared by Honesty Environmental Services, Houston, Texas. Upon completion of abatement at each area, air samples were collected to verify that the clearance level for abatement projects, as specified by the Environmental Protection Agency and Texas Department of State Health Services regulations, was achieved.
According to SHDC General Manager Kristopher Ryan, “Interior demolition has reached substantial completion except for several limited areas in the basement. We estimate that approximately 700 tons of debris was removed from the building during demolition. In addition, we have recently completed removal of all letters from the historic rooftop sign. The original letters will be catalogued and used as templates for replicating the historic rooftop signage.”
Tommy E. Hixson and Associates, Inc., Eastland, Texas, recently inspected the historic structure and determined the Settles Hotel building is structurally sound. According to Mr. Hixson, “The only damage appears to be the result of moisture infiltration and vandalism. All of the damage noted is repairable and the structure should continue to serve its intended use with the proper repairs and maintenance.” Structural repairs, under the direction of Mr. Hixson, are approximately ninety percent complete.
“The closing of the Settles Hotel, along with completion of the environmental asbestos abatement and clean-up signals an important milestone in the restoration of the historic Settles Hotel,” said G. Brint Ryan, SHDC Manager. “We would like to express our appreciation to Mayor Russ McEwen, City Council, City of Big Spring officials, and the Big Spring Economic Development Corporation for their continued support of these efforts.”
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@settleshotel.com
