MINERAL WELLS, TX -- An historic Texas hotel now in ruins could once again generate millions of dollars in profits after renovations.
The Mineral Wells Index reports a study shows the Baker Hotel, about 50 miles west of Fort Worth, could realize $2.1 million in net operating profit if renovated.
The performance study by a Houston-based consulting firm and a Mineral Wells development group also found that in 10 years the hotel's annual net profits could reach $5 million. The study compares the Baker Hotel, operating as a renovated 157-room destination resort and spa, to six other comparable Texas resorts.
The 14-story Baker Hotel decades ago drew celebrities and visitors to its mineral waters. It closed in 1972. Entrances are now covered with sheets of plywood and rooms are trashed and windows broken.