Four Seasons Resort and Club in Las Colinas, Texas
SAN ANTONIO, Sept. 1, 2006 - USAA Real Estate Company announced today that it has sold The Four Seasons Resort and Club at Las Colinas. The hotel was purchased by Los Angeles-based BentleyForbes, from US-Las Colinas Ltd. Partnership, an affiliate of USAA Real Estate Company for an undisclosed price.
USAA and partners completed the resort in 1986, The Four Seasons Resort and Club is a AAA Five Diamond resort property located in Irving, Texas. The resort includes 397 guest rooms and two golf courses including the 18-hole Tournament Players Course, home of the Byron Nelson Classic. Other amenities at the resort include 32,000 square feet of function space, a 176,000 square foot Sports Club, a full service spa, a 5,600 square foot pavilion, five pools and a host of food and beverage venues.
Following 1986, USAA has completed significant expansions at the resort which include a 5,500 square foot resort swimming pool, a grand ballroom, a golf school and driving range, renovations to the Spa and Sports Club, a parking garage and the addition of 90 villas.
"The Four Seasons Resort and Club Dallas at Las Colinas is a phenomenal asset, and a tremendous addition to the BentleyForbes portfolio," said C. Frederick Wehba, chairman and co-founder of BentleyForbes. "The work USAA and the Four Seasons have put into positioning this asset as a world-class destination shows in its AAA Five Diamond rating, and BentleyForbes is committed to maintaining that distinction. We are also committed to honoring the Resort's legacy in the community as the home of the PGA's Byron Nelson Classic and Fundraiser."
"USAA has been very proud the owner of this high quality resort and over the years we have greatly enjoyed our close relationship with the management team at the Four Seasons as well as one of the greatest golfers of all time, Byron Nelson," said T. Patrick Duncan, President and CEO of USAA Real Estate Company. "The Four Seasons' expertise and unparalleled service has made it possible for this resort to often be listed among the top resorts in the world and I am sure that the team of the Four Seasons and BentleyForbes will continue this fine tradition."
BentleyForbes is one of the nation's fastest-growing, privately held commercial real estate investment companies, with a portfolio currently valued in excess of $1.5 billion with assets located in major MSAs and more than 14 States across the nation. The Company is focused on acquiring, owning, managing and leasing Class A, well-positioned office, retail, industrial/warehouse and hospitality real estate properties in major markets, with approximately $3 billion of investment, finance and disposition transactions completed since its founding.
BentleyForbes already owns and operates a portfolio of Class A office and commercial properties in the Dallas region encompassing more than 1.35 million square feet in locations throughout Preston Center, Plano and Arlington submarkets. Earlier this year, BentleyForbes reported the acquisition of two significant trophy, Class A office properties in transactions totaling nearly $1 billion. In May of 2006, the company purchased Prudential Plaza in Chicago, an iconic two-building skyscraper campus overlooking the city's Millennium Park, and signed a binding contract in July 2006 to acquire Bank of America Plaza in Atlanta by September 2006, a landmark office tower known as the sixth tallest office tower in the United States and the tallest in the Southeast.
USAA Real Estate Co. has more than $3 billion of assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, which has been serving military families since 1922 and has become one of America's leading financial services companies. The association, well known for its exceptional service, offers its 5.6 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $100 billion.
USAA Real Estate Company
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