Assignment Overview
RobertDouglas advised on the $22 million fixed rate refinancing of the historic Hotel ICON in Houston, Texas. Canyon-Johnson Urban Funds acquired the hotel, which is an exclusive member of Marriott’s Autograph Collection, in early 2011. The strong sponsorship of the client, the superior quality of the hotel, and robust lodging market conditions in Houston created strong interest from many lenders.
Project Overview
The Hotel ICON was created in 2004 after the historic Union National Bank building underwent a significant redevelopment that transformed the building into a contemporary and luxuriously-appointed hotel. Today, the Hotel ICON features 135 oversized guestrooms; more than 8,000 square feet of meeting space; a highly acclaimed restaurant, Line & Lariat; the full-service BALANCE Urban Day Spa; a 24/7 fitness center; and a business center among its extensive guest amenities.
Deal Highlights
| Client (Borrower): Lender: Financing Proceeds: Key Count: | Canyon-Johnson Urban Funds Guggenheim Commercial Real Estate Finance $22,000,000 135 |
