Multiple milestones have been reached this summer in financing the Baker Hotel's renovation.
This past week some in the Mineral Wells City Council chamber, during a recent budget meeting, arched skeptical eyebrows at mention of the progress on the Baker Hotel's restoration.
Such skepticism isn't necessarily unfounded. Even the Baker Hotel Development Team was reeling when, last year around this time, they met with a major setback – a split from the original investment group slated to find foreign investors through the U.S. State Department's EB-5 program.
Without this group, the team would lose out on about $28 million, the bulk of the capital for an approximately $59 million project. It was the kind of loss that could have trampled the project. For some outside the project, it looked as if the Baker was lost in one more investment quagmire.
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