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.
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.