Breaking News: Las Colinas Four Seasons in Foreclosure?
I’ve known Cowan for years. Straight shooter, honest, humble. Read the letter. Maybe you’ll see it differently. Where’s Four Seasons’ Master Sommelier James Tidwell? Someone’s gonna need a drink.
Here’s what Cowan told his members.
Dear Sports Club Members,
I wanted to send a note to make you all aware of a business article that came out today on the Dallas Morning News website and will likely be in the newspaper tomorrow. As you are aware, our ownership has been in discussions with their lenders on ways to restructure the debt on the resort. This request for restructuring is consistent with similar actions being taken by many owners nationwide in response to current economic conditions. As communicated earlier, our owners made a strategic decision in the fall to not make payments to their lender. While the restructuring discussions are continuing and have not been completed, the lenders have commenced proceedings to foreclose on the property. That said, the owners and its lenders continue to have discussions while the proceedings progress. As the story indicates, Four Seasons has a long term management agreement and there are clauses in the agreement with both the owner and the lender that stipulate that there will be no impact on the day-to-day operation and services of either the club or the hotel.
We will continue to keep you informed whenever there are any further developments to report. Should you have any questions, please feel free to contact the Club Executive office at 972-717-2525.
Click here to view the article.