Sad news to share. I found out recently that they sold the property. My source says early August is when they will close the doors.
I had found out earlier this year that the property was up for sale. The numbers were depressing when I ran them to see if the business could be purchased and kept. I figure a pig would do a great job of running a pigpen. lol. No such luck. I estimated it to have a value of $3.5MM including the business and moderate fix-up to make it nice again. I didn’t see a nice way to raise $30K in revenue from $10 lockers and $20 rooms. You can’t get blood from a rock.
Rumor has it that the buyer acquired the other half of the block behind their parking. Supposedly they are going to build more high end apartments like Pearl on Elgin a couple of blocks away.
Smart money would buy out the Valero and China Cat diner behind Midtown and then you would have two blocks to build on….
So this means everyone will be going to Club Houston. I guess that’s good, but it may not work out so well. The crowd there isn’t as much fun and only one bathhouse left may tempt the City of Houston to begin a harassment campaign. Sigh. They are currently tax assessed at $2.7MM.