Magic Johnson Takes Over Hotel Icon
This investment is a slam d-- sorry, we just can't say it
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.
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.
University of Houston Cougars Football vs. UCF Knights Football
TicketsSat., Oct. 29, 11:00am
Rice University Owls Football vs. Florida Atlantic University Owls Football
TicketsSat., Nov. 5, 2:30pm
University of Houston Cougars Football vs. Tulane University Football
TicketsSat., Nov. 12, 11:00am
University of Houston Cougars Football vs. Louisville Cardinals College Football
TicketsThu., Nov. 17, 7:00pm
"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.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Houston Press' biggest stories.