Friday, January 15, 2010
DFW Area Four Seasons Gets Foreclosure Notice
Wall Street Journal article summarized by Troy Corman, www.t2realestate.com
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The Four Seasons Dallas, located in Irving, Texas and home of the PGA's Byron Nelson Golf Championship received a foreclosure notice this week. The 431-room hotel was bought in 2006 by BentleyForbes Holdings LLC, which failed to make it's October mortgage payment. It seems it was hoping that the mortgage servicer, CWCapital Asset Management would revise the terms of the loan - since the hotel's cash flow isn't covering the $10.9 million interest payment.
The owners claimed that they have acted in good faith, and point out their $60 million renovation of the property since they purchased it in 2006.
The Four Seasons hotels in San Francisco and New York are also in financial trouble, as cash flows no longer cover the mortgage debt.