posted on January 07, 2011 00:29
Hotel Icon has been taken over by a joint venture owned in part by Magic Johnson.
Canyon Johnson Urban Funds of Beverly Hills, Calif., and Centurion took control of the property on Tuesday at the Harris County foreclosure auction. The partners had previously acquired the debt on the 135-room luxury hotel at 220 Main St. in downtown Houston.
The classical architectural design of the 12-story Hotel Icon dates back to 1911, when it was originally constructed. The building was redeveloped and opened as the Hotel Icon in 2004.
Real estate investor and developer Los Angeles-based Lowe Enterprises Investors acquired Hotel Icon in late 2006.
This is the second local property for Canyon Johnson Urban Funds — a series of joint ventures between former NBA-star Johnson and Canyon Capital Realty Advisors.
In 2006, Canyon Johnson and Houston-based Fidelis Realty Partners Ltd. acquired the Marq*E Entertainment Center, a 360,000-square-foot development with a 22-screen Edwards Cinema on Interstate 10.
For more on Hotel Icon’s new ownership, see the Jan. 7 edition of the Houston Business Journal.
1/4/11, Jennifer Dawson, Houston Business Journal