Texas Luxury Housing: Four Seasons Las Colinas Foreclosed

After months of negotiations, one of the most elegant hotel complexes in North Texas finally has been foreclosed upon by a lender for an estimated $122 million.

The Four Seasons at Las Colinas in Irving, Texas, home of golf'sByron Nelson Championship, and an anchor for nearby home developments, now stands as one of the biggest foreclosures to hit Dallas real estate in the last eight years Dallas Cowboys quarterback Tony Romo even lives nearby. And even though it will not halt the daily operation of the hotel --- most hotels are run by companies contracted to manage the place regardless of who owns the dirt -- it could have a chilling effect on hotel operations, according to experts.

"It won't affect club membership," said an executive from another luxury Dallas hotel, "but if I were a bride choosing a place to have a wedding in six to 12 months, I might wonder if the doors would still be open."

Then, too, the Four Seasons sits on 400 acres surrounded by housing developments. Could this huge foreclosure bring down home values?