SHDC to Acquire Historic Settles Hotel

Historical Restoration and Mixed-Use Development Planned

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. October 14, 2008

BIG SPRING, TX, November 28, 2006. The Settles Hotel Development Company, LLC (SHDC), today announced that the City Council of the City of Big Spring approved its bid for the purchase of the historic Settles Hotel property. Vacant since the early 1980s, the Settles Hotel is one of the most famous historic buildings in West Texas. SHDC and the City anticipate executing a definitive purchase agreement in December, with environmental abatement and structural work to commence shortly thereafter. SHDC has retained Forrest Smith and Harriet Anne Tabb of Bell, Nunnally & Martin, Dallas, Texas, to represent it in the transaction.

The Company will soon announce the details of its restoration plan for the landmark downtown structure. SHDC has preliminary plans to convert the property to a mixed-use commercial and residential complex, with retail space on the first and second floors. Among the building amenities under consideration are a fitness center, full service restaurant, and conference center. The ballroom and lobby of the Settles will be restored following the original architectural plans from the 1920s.

SHDC has retained a team of leading experts in historical preservation, downtown revitalization, and economic development. The team is led by John Miller, Plan B Development of Dallas, Texas, and includes Kate Singleton, Cornerstone Heritage Preservation Services and Tony Eeds, White Rock Studios, also of Dallas, Texas. Troy Tompkins, a Big Spring resident and investment advisor, is also part of the SHDC team and was instrumental in negotiations between SHDC, Moore Development Corporation, and the City of Big Spring.

A search for building artifacts is underway and SHDC will consider purchasing artifacts from individuals and businesses that may be in possession of such items. SHDC is interested in original building materials, such as marble flooring, wrought iron railings, and doors, as well as furnishings, dinnerware, or other original items marked with the Settles Hotel emblem or logo. The Heritage Museum has offered to return the original lobby chandelier and SHDC is in discussions with the museum to reacquire this important historic artifact.

"This is one of the most exciting -- and challenging -- real estate development projects that exist anywhere," said G. Brint Ryan, SHDC Manager. "We plan to restore the property and nominate it for inclusion in the National Register of Historic Places. We also plan to replace the Texas Historical Landmark Marker that was removed from the building many years ago." According to Mr. Ryan, "There has been strong interest in the project, including two major lease commitments. I am very appreciative of the strong support and encouragement we have received from Mayor Russ McEwen, the City Council, and Moore Development Corporation."

"As a native of Big Spring, I am fully aware of the challenges that this project brings," added Mr. Ryan. "I understand that many local residents will be skeptical about this project, especially considering the number of failed attempts to renovate the Settles over the years. Nevertheless, I am confident that it won't be long before some very fortunate Big Spring residents will be residing at Big Spring's premier address -- the Settles Hotel."

Mayor Russ McEwen noted, "This is a very significant day for the City of Big Spring. The Settles Hotel stood as a symbol of pride for this community for many years. Its closing in the 1980s was a blow to downtown Big Spring. This announcement brings on a new day for Big Spring and the redevelopment of downtown. I am so appreciative to Brint Ryan for his vision and commitment to this project. I have gotten to know Brint over the past few months and have complete confidence that this project will be completed in a very successful manner. I look forward to the day when the Settles Hotel reopens."

About the Settles Hotel

The Settles Hotel, at one time the tallest building between Fort Worth and El Paso, is a well known, if not notorious, West Texas landmark. Located in the heart of downtown Big Spring, the 15-story building has been vacant since the early 1980s. Opened October 1, 1930, the Settles Hotel was originally a grand hotel that hosted celebrities such as Elvis Presley, Lawrence Welk and Herbert Hoover over the years. It is one of the most architecturally significant structures in West Texas.