One of the Dallas area’s most exclusive hotel properties is facing a possible foreclosure, reports The Dallas Morning News.
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving. The Four Seasons Resort and Club Dallas at Las Colinas has almost 400 rooms and hosts the annual HP Byron Nelson Championship golf tournament. The tournament isn’t expecting any impact from the resort’s financial problems.
U.S. Bank NA is seeking repayment of a $183 million loan on the property and has scheduled a forced sale on Feb. 2, according to legal filings.
The foreclosure posting is the largest in North Texas in more than 20 years.
BentleyForbes, the California-based owners of the Four Seasons Resort, has been in a dispute with the project’s lenders since last fall. In November, a lawyer for Los Angeles-based BentleyForbes 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 has owned the Irving resort complex since 2006. Four Seasons operates the facility with a long-term contract.
Tell Us What You Think!
You must be logged in to post a comment.