1870 Strand Corp. and hotelier Mark Wyant enter into agreement for Hotel Galvez & Spa

1870 Strand Corp., which is owned by the estate of the late George P. Mitchell, plans to contribute the majority of the Hotel Galvez's sale proceeds to the Cynthia and George Mitchell Foundation

GALVESTON (April 14, 2021)—1870 Strand Corp., a wholly owned subsidiary of Mitchell Historic Properties (MHP) and owner of the Hotel Galvez & Spa, has entered into a Purchase and Sale Agreement with luxury hotelier Mark Wyant for the sale of this iconic Galveston Island property. The parties anticipate closing the deal in mid-May 2021. MHP’s Tremont House’s sale closed earlier this year (see attached). Terms of either agreement will not be disclosed.

Mitchell Historic Properties will continue to own and manage the 42-room Harbor House as an integral part of the Pier 21 development in Galveston.

MHP, which is owned by the estate of the late George P. Mitchell, plans to contribute the majority of the proceeds to the Cynthia and George Mitchell Foundation.

“Although our plans have been delayed a year due to Covid-19, and the subsequent delay in the sale of these hotel properties, we do, indeed, intend to direct our commercial properties downtown more clearly toward our goals of leveraging them to align with Vision Galveston and the betterment of the greater Galveston community,” C. Grant Mitchell, president of Mitchell Historic Properties and a board member of the Cynthia and George Mitchell Foundation, said.

“Mark Wyant is passionate about hospitality and we are excited about the energy he will bring to Hotel Galvez and Galveston as a whole.”

Cynthia and George Mitchell always considered Galveston Island, where Mr. Mitchell grew up and where they had lived together just after their marriage, a second home.

They shared an affinity for this eclectic seaside town and, as civic leaders, looked for ways they could contribute to the town’s fragile economy. In the 1970s and 1980s, they partnered to lead the revitalization of Galveston’s historic neighborhoods and commercial districts. Over the years, they bought and carefully restored more than 20 commercial buildings, infusing resilience to a declining urban core.

Such rebirth was cause for celebration, so together they reintroduced the long-dormant Mardi Gras festivities to the island. Today, with more than $150 million invested through Mitchell Historic Properties, the holdings total over 360,000 square feet of commercial space, loft apartments, and hotels, mostly within the Strand National Historic Landmark District.

Mr. Mitchell’s commitment to Galveston’s revitalization also helped the city’s recovery from Hurricane Ike. Immediately following the devastating storm, which struck Galveston in 2008, the Mitchells launched a massive cleanup and restoration program in downtown Galveston, investing more than $24 million for disaster relief, cleanup, and renovation of buildings and infrastructure damaged by Ike. In addition, MHP completed an $11 million renovation of Hotel Galvez as part of the hotel’s centennial celebration in 2011.

“My grandparents, Cynthia and George Mitchell, had an unflagging dedication and devotion to investing in and supporting the Galveston community throughout their lives,” Katherine Lorenz, board chair of the Cynthia and George Mitchell Foundation, said. “The Mitchell family and the Cynthia and George Mitchell Foundation view this event as an opportunity for new energy and a new phase of commitment to Galveston, engaging key community stakeholders, with the idea of social returns for Galveston as our guiding principle.”

Since its incorporation in 1978, the late George P. Mitchell and Cynthia Woods Mitchell and the Cynthia and George Mitchell Foundation have distributed or pledged an estimated $750 million in grants to myriad causes, programs, and institutions.

In 2017, the Mitchell Foundation formally launched a grantmaking program that honors Mr. and Mrs. Mitchell’s interest in and love for the community of Galveston—Mr. Mitchell’s hometown and the couple’s “second home.”

The foundation’s Galveston Program’s long-term objective is to work collaboratively with multi-sector partners to drive a gradual transformation to safer, more livable neighborhoods and green spaces, affordable housing, equitable access to health care, effective social services, quality education, healthier environments, coastal resilience, and greater employment opportunities on the island.  

As part of its Galveston Program, the Mitchell Foundation has helped catalyze and support VISION GALVESTON, a project to empower the community members of Galveston to define a vision for the future of the city and ultimately aid the implementation of that vision. The inclusive framework—which was refined with input from experts, a 200-plus member steering committee, and some 8,600 community residents and business owners—will act as a roadmap for Galveston leaders in developing its City Comprehensive Plan and provide ideas for strategic plans developed by other organizations in Galveston.  

                                                                             ##

Contact: Brett Holmes, brett@brettholmes.com or (713) 244-4178

--

< Go Back