James A. Lockwood was the proprietor of the hotel on South Grand Avenue -- the building was a wooden structure in 1892 but burned a few years later and was rebuilt into a brick building. In 1892 and 1893, improvements being made, as reported in the local paper, were:
J.A. Lockwood, of the Exchange hotel, has put in an elevator which is a decided improvement over the old method.
J.A. Lockwood is papering and painting the interior of Lockwood's Exchange and making some decided improvements in the dining room. The work was very tastefully done by J.G. Spencer & Son.
As a side note, Mr. Adams, editor and publisher of the paper, seemed to be very impressed with the work of the Spencers, shown in articles such as the following which appeared on a fairly routine basis:
John G. Spencer & Son have a new advertisement in another column. Mr. Spencer is well known as a fine workman and has had years of experience at his business which renders him swift and reliable, which has much to do with a saving of expenses in such work.
And, Edward Greenaway has changed the color of his handsome residence, much to its improvement. J.G. Spencer & Son wielded the brushes.