RobertDouglas Advises Canyon Capital Realty Advisors and Earvin "Magic" Johnson on Financing of Hotel ICON in Houston
RobertDouglas announced today that it advised Canyon-Johnson Urban Fund III Centurion ICON LLC,a joint venture between Canyon Capital Realty Advisors (Canyon Realty) and Earvin “Magic” Johnson, in the $22 million financing of the Hotel ICON in Houston, Texas. Canyon acquired the Hotel ICON, which is an exclusive member of Marriott’s Autograph Collection, in early 2011.
The Hotel ICON was created in 2004 after the historic Union National Bank 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.
The Hotel ICON is conveniently located in Houston’s Downtown District – the heart of the city’s government, legal, and business activities, as well as the gateway to Houston’s thriving sports, entertainment, and arts districts. The Hotel ICON earned the AAA Four Diamond Award for its ninth consecutive year in 2014.
Chris Ropko, Director at RobertDouglas, stated, “This financing opportunity presented an ideal backdrop for effectuating a transaction; the strong Sponsorship of Canyon, the superior quality of the hotel, and the robust lodging market conditions in Houston elicited high levels of interest across the lending community.”
“We were pleased to have been able to present our client with a variety of highly attractive proposals from debt funds, life insurance companies, and conduit lenders. As a result of the competitive marketing process, our client was able to select a lender that met their needs,” added Evan Hurd, Director in RobertDouglas’ New York office.
ABOUT ROBERTDOUGLAS
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert-douglas.com or go to www.robert-douglas.com.
ABOUT CANYON-CAPITAL REALTY ADVISORS
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of over $14.9 billion.
