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.
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