Magic Johnson Takes Over Hotel Icon
The so-hip-it-hurts Hotel Icon's foreclosure auction has a winner: Magic Johnson, the man who toyed with the Houston Rockets and every NBA team except the Boston Celtics back in the days of tight shorts.
This investment is a slam d-- sorry, we just can't say it
Johnson's investment company, Canyon Johnson Urban Funds, had already assumed the debt on the failed property, which consists of an ancient (by Houston standards) and pretty 1911 building.
"Houston is a great city, and we believe our repositioning plans will benefit the surrounding community both by re‐energizing Hotel Icon and helping to support more than 100 jobs at this incredible property," Johnson said in a released statement. "Please forget about all those ass-whippings," he didn't add.
Richard Bosworth, a managing partner of the company, was enthusiastic about the chances for a turnaround in its fortunes.
"We are coming across many excellent hotel assets and repositioning opportunities that are in need of recapitalization. In the case of Hotel Icon, the underlying asset is perfectly capable of successfully performing in today's economic climate with the right capital structure," he said in a release.
Johnson's company owns another major Houston property -- the Marq*E Entertainment by Silber on I-10.
It is not known if Hotel Icon will follow that development model and include a Red Robin and Hot Topic.