The 400-room Four Seasons Resort in Irving, which hosts the annual Byron Nelson golf tournament, is facing foreclosure.
In 2009, more than 2,400 commercial properties were posted for foreclosure in the Dallas-Fort Worth area, but none of the foreclosures were nearly as large as the Four Seasons Resort in Irving. The property, well known for hosting the annual Byron Nelson golf tournament, was posted for foreclosure last week.
The bank at the center of the foreclosure is U.S. Bank NA, and it is seeking repayment on a $183 million loan. This dollar figure equates to the largest commercial foreclosure in North Texas in more than 20 years. The bank is seeking a forced sale on the property on February 2nd.
BentleyForbes, the owner of the property, has been disputing with the loan holders since the fall of 2009. At that time, the owners failed to make a scheduled debt payment, and insiders say the missed payment was a tactical move by the owners. The owners wanted to send a message to the lender saying, the terms of this loan needs to be renegotiated, because the payments are unmanageable.
Many hotel owners around the country are struggling like Bentley Forbes, and many owners are seeking to restructure their debts as well. It is not uncommon for properties to be posted for foreclosure while debt restructuring negotiations continue, and that is the case with this hotel as well.
Anyway, negotiations are going to continue with Bentley Forbes and the bank that owns the loan. There shouldn't be any changes to the day to day operations of the hotel, but if negotiations don't go well, the property could end up with different owners. Four Seasons will remain the operator of the property, because it operates the hotel under a long-term contract.
This foreclosure posting is just another sign of an economy that has been struggling for quite some time now. It looks like the country is headed back in the right direction, but there will still be entities out there struggling. If you find yourself struggling financially, or if you find yourself at the wrong end of a foreclosure situation, you need to see what all of your options are. Bankruptcy can help you avoid foreclosure, and it can help you save your home and vehicle. You'll get the chance to wipe out and restructure debts that are hurting you from month to month. If you'd like to find out more about bankruptcy, contact a bankruptcy attorney.