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by Sarah J.F. Braley | June 09, 2010

Lenders have foreclosed on the 431-room Four Seasons Resort and Club in Irving, Texas. U.S. Bank NA had been seeking repayment of a $183 million loan to the property, which added 34 new villas and two specialty suites in 2009. "Last week's foreclosure posting is a normal part of the restructuring process that we have been a part of for the past few months," said Michael Newcombe, general manager of the property. "Our day-to-day business operations remain unaffected; indeed, we are very encouraged by the strong demand for hotel rooms and events in North Texas." The property has 34,000 square feet of meeting space, two golf courses that are used for the HP Byron Nelson Championship, extensive fitness facilities, and five restaurants and lounges.