Four Seasons outside Dallas changes hands

The Four Seasons Resort and Club Dallas at Las Colinas has changed hands, acquired by a company set up by Blackstone Real Estate Advisor for an estimated $150 million.

The deal was reported by The Dallas Morning News.

Since 2010 the 431-room hotel, conference center and spa have been owned by lenders who foreclosed on the property after previous owners defaulted on debt.

Blackstone acquired the hotel in a private sale from CW Capital, which represented the securitized debt holders on the property.

The previous owners reportedly had borrowed $175 million on the Four Seasons in 2006. They invested $60 million in upgrades on the hotel before the recession hit and business fell off.

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