CoServ officially purchased the hotel and golf course in a Denton County auction. The properties are billed as the centerpieces of the developing 902-acre Beechwood Business Park.
Both the hotel and the golf course -- located at State Highway 114 and Interstate 35W, just across from the Texas Motor Speedway -- are still open and remain under the management of White Plains, NY-based Starwood Hotels and Resorts Worldwide, Inc. The changeover occurs following failed negotiations over restructuring the multi-million dollar package of loans on the properties.
Beechwood Co. officials have reported the $10 million golf course, not the hotel, is to blame for the financial woes. The year-old golf course was delinquent after having doled out a great deal of cash to repair damage from last spring's rainfall.
Also, no one could have foreseen the damage that would be heaped on the travel and hotel industry by fallout from terrorist attacks. Still, the hotel's management team remained positive at the $43-million property's opening less than three weeks after the tragedy.
"We are thrilled to open The Westin Beechwood in the flourishing North Fort Worth region," Starwood executive vp of operations Norman MacLeod remarked at the opening.
The foreclosure is the Ft.Worth commercial real estate market's biggest such financial action of its type in five years. Spokespersons for Beechwood Co. and CoServ Realty were unavailable for comment on the foreclosure and ensuing change in ownership.
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