Los Angeles-based private investment group BentleyForbes has bought upscale Texas hotel and golf resort the Four Seasons Resort & Club Dallas at Las Colinas for a reported $200 million (156 million), marking its first purchase in the hotel sector and the first piece of the portfolio of upscale, trophy hotels it hopes to assemble around the world.
The 397-guest room and two-golf course resort, which holds a AAA five diamond ranking, was completed in 1986 by San Antonio-based USAA Real Estate Company and partners, who sold it to BentleyForbes. The 18-hole Tournament Players Course is home to the PGA’s Byron Nelson Classic. The firm is reportedly planning a multi-million dollar renovation of the hotel and golf courses.
Bentley Forbes is committed to maintaining the five diamond rating and keeping the home of the Nelson Classic and fundraiser at the resort.
Although its hotel platform is new, BentleyForbes is no stranger to big name properties. The firm holds the notorious Watergate building in Washington DC and Prudential Plaza in Chicago in its $1.5 billion portfolio. BentleyForbes targets hotels in locations with high barriers to entry and will consider hotel acquisitions between $50 million and $500 million.
Four Seasons resorts will continue to manage the hotel.