BENTLEYFORBES ACQUIRES AWARD-WINNING FOUR SEASONS RESORT AND CLUB DALLAS AT LAS COLINAS New Owners to Fund Multi-Million Dollar Property Enhancement Program • 400-Acre Property is the Leading and Only
AAA Five Diamond Luxury Resort in Texas IRVING, TEXAS (Sept. 1, 2006) – BentleyForbes, a national commercial real estate investment and operations company, has acquired Four Seasons Resort and Club Dallas at Las Colinas, the celebrated resort property located just east of Dallas in Irving, announced C. Frederick Wehba II, vice chairman and co-founder of BentleyForbes. Following the acquisition, Mr. Wehba also indicated that BentleyForbes plans to move forward with a significant improvement program to take place during the next 18 months, further enhancing the already spacious and welcoming guest rooms, meeting facilities, golf courses, amenities and total guest experience. “Four Seasons Resort and Club at Las Colinas is a world-class property and as our first acquisition in the luxury hospitality sector, it is a welcome addition to our portfolio,” said Wehba. “After expanding the BentleyForbes investment criteria to include luxury resort and hotel properties, we began to focus on mid- to large scale properties within the Four and Five Diamond service range. This landmark property is the first of what will be a portfolio of similar luxury resort and hotel properties owned by BentleyForbes. This is truly a milestone acquisition for the company towards the growth of this hospitality portfolio.” The resort was acquired from USAA Real Estate in a transaction brokered by Lawrence B. Wolfe, partner and managing director with Eastdil Secured. The Resort is home of the annual EDS Byron Nelson Championship, a PGA TOUR event. “BentleyForbes is dedicated to making every property the company owns a signature asset, and the Four Seasons Resort Dallas will be no exception,” said David W. Cobb, president and Chief Executive Officer of BentleyForbes. “As part of our strategic plan for the property, we have allocated a significant budget for the continued improvement and enhancement of the property. Furthermore, we remain committed to the relationship USAA has fostered with the Salesmanship Club of Dallas and the PGA TOUR to host the annual EDS Byron Nelson Championship. We look forward to ensuring that this vital event continues to be a successful fundraiser that benefits at risk children and families in the North Texas area.” As part of BentleyForbes’ strategy for long-term ownership of The Resort, Four Seasons Hotels and Resorts will continue, pursuant to a long-term management contract, to oversee the guest experience and onsite management of the property and its numerous sports and spa facilities. “We anticipate that the transition of ownership will be seamless and we are truly excited about the plans BentleyForbes has for the future of Four Seasons Resort Dallas at Las Colinas,” said Craig Reid, Four Seasons regional vice president and general manager. “The generous capital commitment towards continued property improvements is an early indicator that BentleyForbes and Four Seasons management share a similar vision for the quality of the guest experience and maintaining the AAA Five Diamond status of the Resort.” Internally, BentleyForbes has appointed Mr. James Kasim, executive vice president and Chief Financial Officer, to oversee the asset management responsibilities of its hospitality division and this recent acquisition. Prior to joining BentleyForbes as Chief Financial Officer in 2005, Kasim spent more than a decade developing his experience in the hospitality and real estate sectors from his position as a senior manager with the Los Angeles office of Ernst & Young. Four Seasons Resort and Club Dallas at Las Colinas is situated on a 400-acre site among the rolling hills of North Texas and is minutes from downtown Dallas. The Resort offers a polished, residential-style interior, two 18-hole championship golf courses, the finest private sports club and spa in the area and more than 34,000 square feet of elegant function space. The Resort has 397 guest rooms, including 16 suites and 90 villa rooms all of which are richly appointed and offer a private balcony or patio overlooking the expansive landscaped grounds. The award-winning Resort offers comprehensive golf facilities including a Tournament Players Course designed by golf course architect Jay Morrish with Byron Nelson and Ben Crenshaw as player consultants. An extensive practice facility, corporate golf school, professional instruction program and award-winning retail golf shop all set the stage for a memorable golf experience. The Resort is consistently ranked among the top golf resorts in the country by leading golf and travel publications including Conde Nast Traveler and Golf Magazine. The property also offers world-class tennis facilities and programming and is consistently ranked among the top tennis resorts in the country by Tennis Magazine. Currently, BentleyForbes also 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. About Four Seasons Hotels and Resorts Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels in major city centers and desirable resort destinations around the world. Currently with 70 hotels in 31 countries, and more than 25 properties under development, Four Seasons will continue to lead the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding. For more information, please logon to www.fourseasons.com/dallas. About BentleyForbes Hospitality Group LLC BentleyForbes Hospitality Group, in turn, was created to capitalize on the Company’s history of successful investing and operational excellence by acquiring and managing signature hotel and resort properties throughout the continental U.S., Hawaii and select international markets. Target investments range in value from $50 million to $500 million and beyond, acquired for medium to long-term hold. Properties appealing to the company’s acquisition criteria will feature four or five star ratings, locations in markets with high barriers to competitive entry and/or compelling repositioning opportunities. The Company enjoys access to significant capital resources, strong institutional lending relationships and a staff of seasoned hospitality-sector investment and management professionals. For more information about BentleyForbes Hospitality Group, its investment criteria or current activities, please logon to www.bentleyforbes.com. |
