Mineral Wells Index, Mineral Wells, TX

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June 8, 2014

Crazy Hotel back on the block?

Realtor’s signs posted on doors seek additional investors, new owners say

By TODD GLASSCOCK

The Crazy Water Retirement Hotel is up for sale again – sort of.

Developers Mario Abaldo and Oded Ashe have placed the building on the market with Coldwell Banker Commercial of Fort Worth as a way to attract investors, said real estate broker Dick Myers.

The development team is primarily looking for additional partners, he said. “That’s the hope. They want to get guys in.”

Listing the hotel on the market is one strategy the team has for getting investors, Abaldo said. They also network with potential investors.

More investors involved in the project makes it better and pushes it toward completion faster, he said.

If an investor or investors were to make an offer to buy the building, however, a sale would be an option, he said.

Coldwell lists the asking price at $3.5 million.

For now, though, Abaldo and Ashe plan to move forward with the first phase of renovation, which will convert the first two floors into commercial retail and office space.

Initially, renovations were to begin June 15, but have been pushed to a later date as they wait to confirm delivery of skylights to replace ones that are missing from the building, Abaldo said.

They plan to renovate in two stages. The second phase of the renovation will focus on restoring the hotel’s residential tower, though no decision has yet been made about whether the residences will be market-rate apartments, below market rate or a mix.

Additionally, they plan to open a rooftop restaurant and restore the original bathhouse and the mineral well that once attracted thousands of guests and tourists.

All restoration efforts will maintain the historical integrity of the hotel, Abaldo said.

The developers acquired the downtown property in early January from a San Antonio-based mortgage company. The purchase price was not disclosed.

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