By Steve Brown
the four Seasons hotel sell out, find out reading this article dallasnews.com
One of the Dallas-area’s best known luxury hotels has quietly changed owners.
The posh Four Seasons Resort and Club Dallas at Las Colinas is the home of the annual Byron Nelson Championship golf tournament.
Since 2010 the 431-room luxury Irving golf course hotel, conference center and spa have been owned by lenders who foreclosed on the property after previous owners defaulted on debt.
Now a company set up by Blackstone Real Estate Advisor has purchased the Four Seasons for an estimated $150 million.
New York-based Blackstone is a major U.S. real estate investor. It acquired the hotel in a private sale from CW Capital, which represented the securitized debt holders on the property.
The previous owners – a California-based real estate investment firm – had borrowed $175 million on the Four Seasons in 2006. They invested $60 million in upgrades on the hotel before the recession hit and business fell off.
Look for new owner Blackstone to spend more to improve the quality of the Four Seasons.