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Site of Byron Nelson Tournament Facing Foreclosure
In a sign of America's difficult economic times, the Dallas Morning News has reported that one of the city's most exclusive hotel and golf properties is facing a possible foreclosure. Lenders have moved to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving that hosts the annual HP Byron Nelson Championship, a PGA Tour event.
The newspaper's Steve Brown reported that U.S. Bank NA is seeking repayment of a $183 million loan on the property and has scheduled a forced sale on February 2, according to legal filings. The foreclosure posting is the largest in North Texas in more than 20 years.
"I don't think we've seen one this large in the business cycle," George Roddy, CEO of Addison-based Foreclosure Listing Service, told Brown. "That's a very big complex." (For the full article, visit http://www.dallasnews.com/sharedcontent/dws/bus/industries/commrealestate/stories/DN-fourseasons_14bus.ART0.State.Edition1.3cf53a1.html.)
The property is owned by Los Angeles-based BentleyForbes, which has been in a dispute with lenders since last fall. At that time, a lawyer for BentleyForbes, which has owned the facility since 2006, said the borrowers had missed a scheduled debt payment and were negotiating with the mortgage holders. He said the lenders were taking tactical moves to "get their attention."
"BentleyForbes remains in proactive discussions with its lenders at the Four Seasons Dallas and is committed to working out a successful financial structure recognizing the interests of all vested entities that will bridge the challenges of the current situation," spokesman Chris Egger told Brown.
"BentleyForbes has demonstrated its good faith and continued commitment to the Four Seasons Resort & Club Dallas at Las Colinas through $60 million of improvements during the past two years, improvements that reflect a significant contribution of capital and vision to the long-term success of the property."
"We do not expect any change in our day-to-day operations or services," Las Colinas Four Seasons general manager Michael Newcombe said. "This request for [debt] restructuring is consistent with similar actions being taken by many hotel owners nationally and internationally in response to global economic conditions. We are not unique in this regard."
George Conant, tournament chairman for the 2010 HP Byron Nelson Championship, said the golf tournament will not be affected. "We are pleased with the improvements that have been made to the property in recent years to enhance the golf and fan experience at the tournament, and we look forward to another fantastic championship this May," he told Brown.
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