Wanna Buy the Four Seasons? Too Late.
Guess this qualifies as breaking news. Looks like the Four Seasons Resort and Club at Las Colinas has a new owner as of today: Los Angeles-based commercial real-estate investment company BentleyForbes. The announcement was made today by C. Frederick Wehba II, vice chairman and co-founder of BentleyForbes, which issued a press release moments ago saying it "plans to move forward with a significant improvement program to take place during the next 18 months, further enhancing the already spacious and welcoming guest rooms, meeting facilities, golf courses, amenities and total guest experience." Yeah, because the joint--the only AAA Five Diamond Luxury Resort in Texas--was really run-down.
This acquisition makes it seven properties BentleyForbes owns in the area--including Sterling Plaza and Preston Commons near the Dallas North Tollway and a few other Far North Dallas and Tarrant County commercial properties. BentleyForbes also owns the Prudential Plaza in Chicago...and the Watergate in, ya know, Washington, D.C. Says Wehba of the joint that hosts the PGA EDS Byron Nelson Championship, "Four Seasons Resort and Club at Las Colinas is a world-class property and as our first acquisition in the luxury hospitality sector, it is a welcome addition to our portfolio...This landmark property is the first of what will be a portfolio of similar luxury resort and hotel properties owned by BentleyForbes."
BentleyForbes bought the property from USAA Real Estate Company; Four Seasons doesn't own it, but merely has a long-term management contract, says Chris Eggers, the spokesman for BentleyForbes. "Generally speaking, the real estate is owned by somebody else and operated by Four Seasons. They're an operation company that has standards for their hotels from which they provide a worldwide marketing platform." Eggers says the purchase price will not be made public, but that it "was significant," to which Unfair Park asked, "Ya think?"
BentleyForbes assumed control of the Four Seasons today. Matter of fact, Eggers says, the company's higher-ups are flying in this weekend "to play a round of golf." I gotta get me a new job. --Robert Wilonsky
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