EDITOR'S NOTE: The video above is from an event held in December at Hotel Galvez.
Mitchell Historic Properties has agreed to sell iconic, historic island properties Hotel Galvez & Spa and The Tremont House to a Texas-based hospitality, management and investment group, a transaction members of the George P. Mitchell family described as bittersweet but part of a larger plan to leverage commercial holdings for the city’s benefit.
Mitchell Historic Properties and SRH Hospitality Galveston Investments are expected to close the deal within the first quarter of the year and don’t plan to disclose financial terms of the sale of properties inextricably linked to the late George P. Mitchell and his wife, Cynthia. George Mitchell, an island-born developer, oilman and philanthropist, invested many millions of dollars to revitalize downtown and revive old island buildings.
Mitchell Historic Properties is owned by Mitchell’s estate, which plans to contribute most of the money from the sale to the Cynthia and George Mitchell Foundation, company officials said in a prepared statement.
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