X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FT.WORTH, TX-After opening the 286-room luxury Westin Beechwood hotel in early October with great fanfare and high hopes, the owner of the property has succumbed to foreclosure. Lender CoServ Realty Holdings, a CoServ Electric subsidiary, has taken over possession from Beechwood Co. and is now the owner of the $53.5-million hotel and the Creeks at Beechwood golf course.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.