Mineral Wells Area News

Reporting By Amy Meyer | Mineral Wells Area News

Mineral Wells Area News’ continuing “Raising Baker” coverage documents the effort to restore Mineral Wells’ most iconic landmark.

After a recent social-media exchange reignited public debate about the Baker Hotel project, investor Randy Nix says he’s bringing the conversation “out in the open.”

In a Facebook post responding to a local discussion group, Nix invited residents to bypass rumor threads and ask questions directly.

“If you follow that page and have questions regarding The Baker Hotel, The Crazy Water Hotel, or any downtown projects, please feel free to ask them here or on my personal page. I’ve always been happy to answer questions directly and will continue to do so. I’ve always been happy to answer questions directly and will continue to do so.”

Randy Nix

Nix said his goal is simple, to keep the community informed with facts instead of filtered narratives.

Investor Team Remains Intact

Nix confirmed that the original investor group remains in place, including Laird Fairchild and Chad Patton, who first launched the Baker Hotel restoration effort in partnership with the City of Mineral Wells and the local Economic Development Corporation.

Brint Ryan, the Dallas businessman celebrated for restoring the Settles Hotel in Big Spring, later joined the project as a major financial investor.

Today, Randy Nix serves as the lead local partner, overseeing financing, planning, and community communication for the project.

“The original investor group remains in place. I became involved in 2019 as one of the final general partners to join the team.”

Randy Nix

Financing Finalized Through Clear Fork Bank

Nix said the Baker team has secured its senior-lending package through Clear Fork Bank, supported by a USDA-backed loan guarantee — a private loan that must be repaid by the project’s owners and is designed to stimulate rural economic development.

“Once everything is signed and in place, the project will take approximately three years to complete.”

Randy Nix

Highlights From the Interview

In his conversation with Mineral Wells Area News, investor Randy Nix provided the clearest picture yet of where the Baker Hotel restoration stands.

He confirmed that financing has been finalized through Clear Fork Bank, supported by a USDA-backed loan guarantee, and that once contracts are signed, construction will take roughly three years.

Nix said the original investor team — Laird Fairchild and Chad Patton — remains fully involved, with Brint Ryan joining later as a major financial partner.

He emphasized that no city or 4B tax funds have been used so far; those dollars were voter-authorized in 2014 as conditional, last-in support.

Addressing visible maintenance issues, Nix noted that roof restoration was completed earlier, though a winter storm caused new damage that will be repaired during full construction.

He also detailed completed stabilization work, asbestos abatement, elevator clearing, and corridor restoration, underscoring that “work has never completely halted.”

Finally, Nix spoke about combating misinformation, promising more consistent project updates through refreshed social-media channels, and reaffirmed his personal commitment to Mineral Wells’ revitalization, including new community projects such as Poston Plaza Park and the Fort Wolters multi-use development.

The following transcript is an unedited interview between hotel investor Randy Nix & Mineral Wells Area News’ Amy Meyer regarding the current status of the Baker Hotel.

1. What updated time line can you give the community about the completion of the Baker? 

You’ve been hearing “three years” since 2019 because, at that time, COVID wasn’t a factor. In 2019 we were finalizing due diligence and preparing loan commitments, but by March 2020, just as multiple banks had term sheets on our desks, the country shut down. It has taken this long to get lenders comfortable again with large hospitality projects, as COVID deeply affected that sector. Banks are finally back in, and we’ve now secured our senior lending financing through Clear Fork bank that will be backed by a USDA loan. We’re currently finalizing architectural and MEP plans, and once everything is signed and in place, the project will take approximately three years to complete.

2. How long have you been involved in this project? Who are the original investors and does that team remain intact?   

I became involved with the Baker Hotel project in 2019 as one of the final general partners to join the team. The original investor group remains in place,

3. What has taken so long to get it open from the original time line predicted? Are you afraid to give another time frame and if so why? 

 The delay comes down to the scale and complexity of the project combined with factors no one could have predicted. COVID hit just as financing was being finalized in 2020, and it’s taken time for banks to regain confidence in large hospitality projects. We also want to ensure the budget is fully tightened and that there are no gaps in the scope, so nothing is missed once construction begins. I’d rather give an accurate timeline than another optimistic one, doing it right is more important than doing it fast.

4. There is a lot of misinformation about the 4B money that was voted on for the Baker and your recent personal post indicates that no 4B tax dollars have been spent to renovate the project thus far, where does that misinformation come from and will those funds eventually be spent on the project? 

In 2014, Mineral Wells voters overwhelmingly approved dedicating up to $4 million in 4B economic development sales tax funds to support the Baker Hotel restoration, with approximately 96% of voters, 1,558 in favor and only 65 opposed, approving the measure. The confusion surrounding this funding often comes from a misunderstanding of how and when those funds can be used. The vote authorized the allocation, it did not immediately spend those dollars. To date, no 4B tax dollars have been spent on the renovation. The funds were structured as conditional, “last-in” support, intended to be drawn only after other financing sources are secured. Once all other funding is finalized, the authorized 4B funds will be used as part of the project’s final financing package to support the Baker Hotel’s completion.

5. If its’ only been private investments, can you share how much has been invested thus far?

To date, the project has been funded through private investment and lending, with funds already invested in structural stabilization, roofing, engineering, design, and pre-development work. While I can’t disclose specific financial details, I can say the capital commitment remains strong and reflects continued confidence in restoring the Baker the right way.

6. Last year we announced that you all had received some preapproval for funding for a USDA loan to complete the project, is that still the plan? 

 Yes, Clear Fork bank remains the foundation of our senior lending package and this loan is a USDA backed loan. The USDA-backed loan for the Baker Hotel is not a community-funded grant or public giveaway, it’s a federally guaranteed loan that must be fully repaid by the project’s private owners, simply supported by the USDA to encourage rural economic investment and job creation. Jonathan Nelson with Clear Fork bank has played a pivotal role in helping secure funding for this project.  Our team continues working through all the requirements, appraisals, and documentation needed to finalize it. Once the last pieces are approved and signed, financing will allow full construction to move forward.

7. People often comment that it needs to become a casino, is that even a possibility? 

 No, that’s not a possibility. Gambling and casinos are not legal in Texas, and there are no plans or provisions for that within the Baker Hotel project. The vision has always been to restore the Baker as a historic luxury hotel and spa, honoring its legacy while creating jobs, tourism, and long-term economic growth for Mineral Wells.

8. Has work on the project ever halted since the beginning of announcing the project? What work has been completed?

 Work on the Baker Hotel project has never completely halted since it was announced. While the pace has shifted at times due to financing and planning phases, progress has continued throughout. Completed and ongoing work includes structural stabilization, roof restoration (although damage has since occurred in a recent winter storm), asbestos abatement and demolition, plaster repairs in guest rooms and corridors, exterior window and door restoration, and electrical conduit preparation. Crews have also cleared the elevator hoist ways, mitigated water in the basement and elevator pits, restored the exterior pool buildings, and are actively working on the 10th-floor corridor and basement rebar repairs, all part of preparing the building for full-scale interior reconstruction once financing is finalized.

9. People who aren’t in construction might not understand what bid documents are and what you mean you are getting bids from contractors for completion. Does that mean you finally have all the specifications needed to complete the project and now need contractors to tell you what the cost of completing that work would cost? What happens if those contractor’s pricing, collectively, are more than you anticipated(kind of like the Turkey Peak project)? Will you throw the towel in and cut your losses? Or will you continue a broader search for investors?  

Yes, that’s correct, bid documents are the full set of architectural and engineering plans that outline every detail needed to complete construction. We now are working on getting those specifications finalized, and contractors are finalizing pricing the work based on those plans so we can confirm total project costs with accuracy.

If bids come in higher than expected, we’ll have to evaluate the numbers carefully. Every project has a threshold, and if the costs exceed what makes financial sense, we may need to pause and put it on the shelf until market conditions or construction pricing improve. 

Our goal is still to see the Baker fully restored, but it has to be done responsibly and within a sustainable budget.

10. When will you know what the final construction numbers are?

We’re as eager as everyone to reach the finish line, and we’re now in the final phase of that process. Over the past several weeks, we’ve worked closely with Mark and the architects through detailed page turn reviews to resolve any discrepancies and produce the final Issued for Construction (IFC) set, the version used to bind contracts and move into construction. The architects expect to deliver the IFC set within two weeks, followed by about a month of final pricing and verification. In roughly six weeks, we’ll have the finalized numbers and a clear financial picture to determine the project’s next steps.

11. What has the Crazy Water Hotel rebirth meant for the city of Mineral Wells socially and what have the financial benefits been to the community? That’s a Publicly held corporation, could the Baker see a similar option for the financing? 

 The rebirth of the Crazy Water Hotel has been transformational for Mineral Wells — it brought people back downtown, created jobs, attracted new businesses, and reignited community pride. Financially, it has boosted tourism, sales tax revenue, and private reinvestment throughout the area, proving how one restored landmark can spark widespread revitalization.

We won’t be using the same public benefit corporation structure for the Baker because it’s a very different project. The Crazy Water Hotel was about transformation, community pride, and getting people aligned and on the same page. The Baker will be privately financed, utilizing traditional lending, TX-PACE financing, private investment, and historic tax credits to ensure a strong and sustainable path forward.

12. How are you combating misinformation that floats around the community and now across the state about this project? Will you begin giving regular social media updates again like Mark was once doing? Why did they stop?

 Misinformation has been one of the biggest challenges, especially with how quickly rumors spread online. We’re addressing it by sharing verified information directly and transparently, whether through community conversations, public Q&As, or personal posts that clarify facts rather than opinions.

Regular updates slowed down because, for a period of time, there simply wasn’t enough new information to share responsibly. We didn’t want to create false hope or excitement until we had solid, viable progress to report, and we also lost a key team member who was handling our marketing efforts. We’re now developing a comprehensive marketing and communications plan that will relaunch the TikTok, YouTube, blog, and Facebook pages with consistent updates as the project moves forward.

13. You sold businesses in another state to come back to Mineral Wells and focus your time and investments into this community? What made you decide to do that instead of enjoying yourself and down time elsewhere? 

Honestly, after years of running businesses in other areas, I realized I was part of the problem,  I was investing in other places and sitting back, complaining about what wasn’t happening here. I also saw that it was the same small group of people doing all the work, carrying the weight for everyone else, and they needed help. It hit me that if I wanted things to change in Mineral Wells, I needed to invest in it myself and be part of the solution, not the problem.

I sold those ventures because I wanted to pour my time, energy, and resources into restoring pride, purpose, and opportunity right here at home. This community gave me my start, and now it’s my turn to give back. Watching the spark return to downtown and seeing people believe in Mineral Wells again has been one of the most meaningful experiences of my life.

14. Any other projects you are ready to announce that you are looking into for the revitalization of the community? 

Yes, we have several projects underway that continue to build on the momentum happening throughout Mineral Wells. One of the key efforts is the Poston Plaza Park Project, which includes new public parking areas, pickleball courts, restrooms, and Poston Plaza, a downtown green space designed for community gatherings and events.

We’re also advancing plans for the Fort Wolters multi-use development project, which will bring new opportunities for housing, business, and recreation to that area. Each of these efforts is part of the broader goal to revitalize Mineral Wells in a way that supports long-term growth, improves quality of life, and keeps our community moving forward.

Context and Background

This interview follows Mineral Wells Area News’ July 2024 report, “Baker Team Close to Securing $25 Million Loan to Complete Restoration”, which detailed the project’s progress toward securing USDA financing.

As of November 2025, the Baker Hotel team has finalized its senior-lending structure through Clear Fork Bank, and construction is expected to begin once contractor pricing and final documentation are approved.

Mineral Wells Area News will continue to follow updates on the Baker Hotel restoration as new developments occur as part of our continuing “Raising Baker” coverage.

 

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