Golf Villa room 209 / Four Seasons Las Colinas, Irving, TX
USAA Real Estate Company built the 397-room Four Seasons Resort and Club located in Irving, Texas in 1984 including two golf courses. USAA Real Estate also built the Westin La Cantera Resort & Spa in San Antonio. The 9 story Spanish colonial-style building with dun colored brick exterior and arched windows was designed by HKS, Inc. HKS also was the architect for the Ritz Carlton Half Moon Bay and the Ritz Carlton Bachelor Gulch. The sports and golf club component opened in 1983 and the hotel opened in 1986.
The property features two restaurants and three lounges, two 18-hole golf courses, eight outdoor and four indoor tennis courts, all of which are equipped for nighttime play, three outdoor pools and one indoor pool, and a 6,000-sq.-ft. Sports Club equipped with state-of-the-art cardiovascular and weight-training equipment and squash and racquetball courts. In addition, it has a 14,000-sq.-ft. full-service spa featuring a broad menu of spa services, private treatment rooms, a relaxation area, and an outdoor spa pool. The hotel's meeting space contains 24 meeting rooms and approximately 37,506 sq. ft. of indoor meeting space, which can accommodate large groups of up to 800 people.
The Resort has two 18-hole golf courses: the Cottonwood Valley Golf Course and the TPC Four Seasons Las Colinas Golf Course, originally designed in 1982 by golf course consultant Jay Morrish along with two professional golfers, Byron Nelson and Ben Crenshaw. It was redesigned in 2008 by D.A Weibring, another professional golfer, and Steve Wolfard. The course is and will be through 2018 the annual host to the PGA Tour's HP Byron Nelson Championship. The courses are not open to the public--only to members, member guests, and hotel guests.
In 2005 under the direction of Craig Reid, the Four Seasons' general manager, the resort built 40 new villa guest rooms facing the 18th hole of the Tournament Players Course. A 1-acre lake was also added to the 18th "stadium" hole. Reid later was Four Seasons' president of Hotel operation for the Americas region and more recently CEO of Auberge Resorts.
Frederick Wehba, chairman and co-founder of BentleyForbes a Los Angeles real estate investment firm, announced the acquistion of the Four Seasons Resort in 2006. The hotel was appraised in 2006 at $229 million. BentleyForbes took out a $183 million secured mortgage from U.S. Bank NA and a $39 million mezzanine loan from Capri Capital. By January 2010 the appraised value of the hotel dropped to $117 million. In April 2010 the mezzanine holder, Capri Capital, foreclosed on BentleyForbes' hotel asset. It was bad publicity for the Four Seasons as it was likely largest local hotel foreclosure ever. Capri, a Chicago based real estate investment firm, held an auction in April 2010. No bidder offered more than what US Bank NA and Capri was owed. The new formal ownership group was now 4150 N MacArthur Blvd Holdings, a limited partnership controlled by Washington DC based CWCapital Asset Management. CWC aggressively asset managed the property from that time, focusing on revenue management and controlling expenses and preparing the only AAA-rated Five Diamond resort in Texas for sale. Toronto based Four Seasons runs the hotel - it's contract to manage the property was extended by 75 years in 2007 and runs through 2082. That meant the resort would not be forced to curtail any of its many top-of-the-line amenities.
In April, 2014 New York-based Blackstone,a major U.S. real estate investor, which has a significant stake in Hilton Worldwide Holdings, acquired the Four Seasons hotel (now 431 rooms) for $150 million from CW Capital, who represented the securitized debt holders on the property. Blackstone is noted for its 11 year ownership of Hilton Worldwide Holdings. Blackstone’s profits from its ownership of Hilton were reportedly triple its investment.
Dirk Burghartz is the Regional Vice President and General Manager of Four Seasons Resort at Las Colinas. He was the former GM at Four Seasons Hotel Washington, DC. He replaced Luis Argote, who will manage two new Four Seasons properties in Bogota, Columbia.
Since 1983 (35 years) Irving, Texas and the Four Seasons Los Colinas hosted the Byron Nelson. The PGA Golf tournement, which attracts 250,000 people and has raised more than $100 million for charities sponsored by the Salesmanship Club of Dallas, has been Irving’s largest annual economic event for three decades. The tournament pumps $40 million annually into Irving. The Irving Convention and Visitors figures show a $4.8 million publicity value from the Nelson, including four days of national TV exposure. AT&T, which moved its corporate headquarters to Dallas from San Antonio in 2008, and seeking to enhance its influence in the professional golf world, built the $50 million public/private Trinity Forest Golf Club in partnership with the city of Dallas. Trinity Forest Golf Club was created explicitly to attract prestigious golf championships back to Dallas. Trinity Forest is the new home of the PGA Tour’s AT&T Byron Nelson effective May, 2018.
In 2017 the hotel's longtime restaurant Cafe on the Green underwent a makeover to become LAW restaurant (Land, Air, Wings). The Outlaw Taproom opened in the space formerly known as Bar 19.
In November 2018 The Four Seasons Resort and Club Dallas at Las Colinas was purchased by an affiliate of Manhattan-based Extell Development for $235 million, or about $580,000 per unit. Since 2014, the 431-room hotel had been owned by a company set up by Blackstone Real Estate Advisors. Four years ago Blackstone paid an estimated $150 million for the foreclosed property. Since then, the hotel has had more than $30 million in upgrades. New owner Extell Development is a major New York property owner and developer that has hotels including the Four Seasons in Vail, the Intercontinental in Boston and the Park Hyatt New York and W Hotel Times Square. A previous owner was BentleyForbes who purchased the hotel in 2006 for $230 million.
Compiled by Dick Johnson, November 2018
Golf Villa room 209 / Four Seasons Las Colinas, Irving, TX
USAA Real Estate Company built the 397-room Four Seasons Resort and Club located in Irving, Texas in 1984 including two golf courses. USAA Real Estate also built the Westin La Cantera Resort & Spa in San Antonio. The 9 story Spanish colonial-style building with dun colored brick exterior and arched windows was designed by HKS, Inc. HKS also was the architect for the Ritz Carlton Half Moon Bay and the Ritz Carlton Bachelor Gulch. The sports and golf club component opened in 1983 and the hotel opened in 1986.
The property features two restaurants and three lounges, two 18-hole golf courses, eight outdoor and four indoor tennis courts, all of which are equipped for nighttime play, three outdoor pools and one indoor pool, and a 6,000-sq.-ft. Sports Club equipped with state-of-the-art cardiovascular and weight-training equipment and squash and racquetball courts. In addition, it has a 14,000-sq.-ft. full-service spa featuring a broad menu of spa services, private treatment rooms, a relaxation area, and an outdoor spa pool. The hotel's meeting space contains 24 meeting rooms and approximately 37,506 sq. ft. of indoor meeting space, which can accommodate large groups of up to 800 people.
The Resort has two 18-hole golf courses: the Cottonwood Valley Golf Course and the TPC Four Seasons Las Colinas Golf Course, originally designed in 1982 by golf course consultant Jay Morrish along with two professional golfers, Byron Nelson and Ben Crenshaw. It was redesigned in 2008 by D.A Weibring, another professional golfer, and Steve Wolfard. The course is and will be through 2018 the annual host to the PGA Tour's HP Byron Nelson Championship. The courses are not open to the public--only to members, member guests, and hotel guests.
In 2005 under the direction of Craig Reid, the Four Seasons' general manager, the resort built 40 new villa guest rooms facing the 18th hole of the Tournament Players Course. A 1-acre lake was also added to the 18th "stadium" hole. Reid later was Four Seasons' president of Hotel operation for the Americas region and more recently CEO of Auberge Resorts.
Frederick Wehba, chairman and co-founder of BentleyForbes a Los Angeles real estate investment firm, announced the acquistion of the Four Seasons Resort in 2006. The hotel was appraised in 2006 at $229 million. BentleyForbes took out a $183 million secured mortgage from U.S. Bank NA and a $39 million mezzanine loan from Capri Capital. By January 2010 the appraised value of the hotel dropped to $117 million. In April 2010 the mezzanine holder, Capri Capital, foreclosed on BentleyForbes' hotel asset. It was bad publicity for the Four Seasons as it was likely largest local hotel foreclosure ever. Capri, a Chicago based real estate investment firm, held an auction in April 2010. No bidder offered more than what US Bank NA and Capri was owed. The new formal ownership group was now 4150 N MacArthur Blvd Holdings, a limited partnership controlled by Washington DC based CWCapital Asset Management. CWC aggressively asset managed the property from that time, focusing on revenue management and controlling expenses and preparing the only AAA-rated Five Diamond resort in Texas for sale. Toronto based Four Seasons runs the hotel - it's contract to manage the property was extended by 75 years in 2007 and runs through 2082. That meant the resort would not be forced to curtail any of its many top-of-the-line amenities.
In April, 2014 New York-based Blackstone,a major U.S. real estate investor, which has a significant stake in Hilton Worldwide Holdings, acquired the Four Seasons hotel (now 431 rooms) for $150 million from CW Capital, who represented the securitized debt holders on the property. Blackstone is noted for its 11 year ownership of Hilton Worldwide Holdings. Blackstone’s profits from its ownership of Hilton were reportedly triple its investment.
Dirk Burghartz is the Regional Vice President and General Manager of Four Seasons Resort at Las Colinas. He was the former GM at Four Seasons Hotel Washington, DC. He replaced Luis Argote, who will manage two new Four Seasons properties in Bogota, Columbia.
Since 1983 (35 years) Irving, Texas and the Four Seasons Los Colinas hosted the Byron Nelson. The PGA Golf tournement, which attracts 250,000 people and has raised more than $100 million for charities sponsored by the Salesmanship Club of Dallas, has been Irving’s largest annual economic event for three decades. The tournament pumps $40 million annually into Irving. The Irving Convention and Visitors figures show a $4.8 million publicity value from the Nelson, including four days of national TV exposure. AT&T, which moved its corporate headquarters to Dallas from San Antonio in 2008, and seeking to enhance its influence in the professional golf world, built the $50 million public/private Trinity Forest Golf Club in partnership with the city of Dallas. Trinity Forest Golf Club was created explicitly to attract prestigious golf championships back to Dallas. Trinity Forest is the new home of the PGA Tour’s AT&T Byron Nelson effective May, 2018.
In 2017 the hotel's longtime restaurant Cafe on the Green underwent a makeover to become LAW restaurant (Land, Air, Wings). The Outlaw Taproom opened in the space formerly known as Bar 19.
In November 2018 The Four Seasons Resort and Club Dallas at Las Colinas was purchased by an affiliate of Manhattan-based Extell Development for $235 million, or about $580,000 per unit. Since 2014, the 431-room hotel had been owned by a company set up by Blackstone Real Estate Advisors. Four years ago Blackstone paid an estimated $150 million for the foreclosed property. Since then, the hotel has had more than $30 million in upgrades. New owner Extell Development is a major New York property owner and developer that has hotels including the Four Seasons in Vail, the Intercontinental in Boston and the Park Hyatt New York and W Hotel Times Square. A previous owner was BentleyForbes who purchased the hotel in 2006 for $230 million.
Compiled by Dick Johnson, November 2018