Thursday, January 14, 2010

Home of Byron Nelson Championship Facing Foreclosure

Major golf resorts aren't immune to economic downturns; in many ways, upscale properties are more endangered by economic woes. So maybe it isn't a surprise to read that the Four Seasons Resort and Club Dallas at Las Colinas - the home of the PGA Tour HP Byron Nelson Championship - might be headed for foreclosure.

The Dallas Morning News reports:

The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.

U.S. Bank NA is seeking repayment of a $183 million loan on the property and has scheduled a forced sale on Feb. 2, according to legal filings.

The foreclosure posting is the largest in North Texas in more than 20 years.

"I don't think we've seen one this large in the business cycle," said George Roddy, CEO of Addison-based Foreclosure Listing Service. "That's a very big complex."

The California-based owners of the Four Seasons Resort have been in a dispute with the project's lenders since last fall.

The only good news is that the resort's day-to-day activities are unchanged, and probably won't be affected by a foreclosure. If a foreclosure sale does take place, however, that brings a new owner into the mix, and it's a potential new owner that might - possibly - affect the PGA Tour event.

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