Mitchell Historic Properties has agreed to sell two iconic Galveston Island properties — the Hotel Galvez & Spa and The Tremont House — for an undisclosed amount.

The buyer is SRH Hospitality Galveston Investments LLC, an affiliate of Addison, Texas-based SRH Hospitality Holdings LLC, according to a press release. The deal is expected to close within the first quarter of 2020.

New Jersey-based Wyndham Hotels & Resorts Inc. (NYSE: WH) currently operates both hotels as part of its Wyndham Grand brand. The Hotel Galvez, at 2024 Seawall Blvd., has 228 rooms, while The Tremont House, at 2300 Ships Mechanic Row, has 108.

The majority of the proceeds from the sale will go to the Cynthia and George Mitchell Foundation. MHP is owned by the estate of the late George P. Mitchell, who died in 2013 at the age of 94.

The Mitchell family and the foundation see the deal as "an opportunity for new energy and a new phase of commitment to the city of Galveston and its residents," said Grant Mitchell, president of Mitchell Historic Properties and board chair of the Cynthia and George Mitchell Foundation, which has an office in The Woodlands.

“As stewards of Mitchell Historic Properties and the properties my parents so lovingly preserved and revitalized, the Mitchell family has long seen its role as advancing economic development and enhancing quality of life in the Galveston community," Grant Mitchell continued in the release.

“With the pending transition of the hotels to very capable hands, we will now be better positioned to prioritize community impact in our remaining holdings. We will soon embark on a strategic plan for our properties on and adjacent to The Strand, engaging key community stakeholders, with the idea of social returns for Galveston as our guiding principle.”

George Mitchell and Cynthia Woods Mitchell — dedicated philanthropists who committed to donating the majority of their wealth — incorporated their namesake foundation in 1978. Since then, the couple and the foundation have distributed or pledged an estimated $750 million to a variety of causes.

The Texas-centric foundation focuses on environmental protection, social equity and economic vibrancy issues. It tackles sustainability-related issues through its Clean Energy, Land Conservation, Shale Sustainability, Sustainability Education and Water Programs as well as operating the 6,000-acre Cook’s Branch Conservancy in Montgomery County. In 2019, the foundation formally added its Galveston Program to support improvements in George Mitchell's hometown.

George Mitchell's legacy includes founding The Woodlands-based Mitchell Energy & Development, which Oklahoma-based Devon Energy Corp. (NYSE: DVN) acquired in 2002 for $3.5 billion. He also was behind the initial development of The Woodlands, a 27,000-acre master planned community north of Houston.