The 90-year-old Baker Hotel and Spa in Mineral Wells has been purchased by a group that intends to restore the property to its former glory. The Baker opened in 1929 during the early days of the Great Depression, but thrived for many years until a slow decline set in. The property which was once the center piece of the lucrative mineral bath and spa industry in Mineral Wells was closed in 1972 and has been deteriorating ever since.
Austin-based La Corsha Hospitality Group will be leading the renovation and restoration of the Baker and the company has considerable experience in resurrecting decrepit but noteworthy properties like the Banker (which was placed on the National Register of Historic Places in 1982). This isn’t the first attempt to revive the Baker, but this group seems to have the financial clout and staying power to finally get the Baker back on its feet. Red is betting on Mineral Wells as the come-back player of the year for 2021. ,
The Mineral Wells Index reports on the possibility of restoring the now-decrepit but historic 1929 Baker Hotel in downtown Mineral Wells. The 14-story hotel was the first “skyscraper” built outside of a major metropolitan area. In its heyday, the Baker was a destination noted for its health spa and resort. Celebrities and ordinary patrons were attracted by the healthy, curative mineral waters used for bathing and drinking. The hotel closed in 1972, and was placed on the National Register of Historic Places in 1982. The Baker is now an eyesore but could it be a key to revitalizing downtown Mineral Wells. PKF Consulting USA thinks a restored hotel could be a money-making enterprise.
In its first full year of operation, a renovated Baker Hotel could realize $2.1 million in net operating profit. In 10 years, annual net profits could reach $5 million. That is according to a projected performance, or proforma, study compiled by Houston-based PKF Consulting USA for Chad Patton and Laird Fairchild of Baker Hotel Development Partners LLC. The study looked at a variety of local and regional economic factors, and compared the Baker Hotel, operating as a renovated 157-room destination resort and spa, to six other comparable Texas resorts.