RobertDouglas advises on $22M financing Houston's Hotel Icon

RobertDouglas advised Canyon-Johnson Urban Fund III Centurion ICON LLC, a joint venture between Canyon Capital Realty Advisors and Earvin “Magic” Johnson, in the $22-million financing of the Hotel Icon in Houston.

Canyon acquired the hotel, a member of Marriott’s Autograph Collection, in early 2011.

The hotel was created in 2004 after the historic Union National Bank underwent a significant redevelopment to transform the building into a 135-room property with more than 8,000 square feet of meeting space.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.



Suggested Articles

There are both positive and negative aspects to utilizing preferred equity capital, but it is often the best way to maintain ownership of the asset.

During a conference call hosted by advocacy organization Economic Innovation Group, industry leaders emphasized the need for immediate fiscal help.

Many hotel owners will find themselves in the uncomfortable and unfamiliar position of deciding on a course of action for negotiating with their lende