Lenders have foreclosed on the Four Seasons Resort and Club in Irving.
The lender who bought the property at auction on Tuesday bid $122 million. The foreclosure came several months after lenders first posted the 400-acre property for sale.
George Roddy, president of Foreclosure Listing Service in Addison, has called the Four Seasons foreclosure one of the largest in the D-FW area in the past eight years. He said when a property of this nature goes into foreclosure or is taken over by the lender, it generally doesn’t affect the hotel operations. In many cases, “operations continue as usual,” he said.
Earlier this year, U.S. Bank NA filed against the Four Seasons on a $183 million loan that the property’s owner took out in 2006, according to FLS records.
Commercial real estate investment company BentleyForbes was the Four Seasons' owner. Over the past few years, the company put $60 million into renovations at the hotel and upgrades to the golf courses.
BentleyForbes worked for 18 months with CW Capital, the special servicer of the first mortgage on the Four Seasons, to modify the loan and prevent foreclosure, said Tony Manos, chief operating officer of BentleyForbes. During that time, BentleyForbes also worked with its mezzanine lending partner, Capri Capital. BentleyForbes reached a viable modification program with CW Capital, but was unable to come to terms with Capri Capital, Manos said.
"BentleyForbes remains certain that its past management efforts and capital investments in the property since originally taking ownership in 2006 have positioned the resort for long-term success," Manos said in a prepared statement. "As the hospitality market recovers from the challenges of the current market realities, the Four Seasons Dallas will be able to fully leverage the extensive improvements to the golf courses, guest rooms, hotel lobby and guest amenities implemented and executed by BentleyForbes on behalf of the property."