JOINT VENTURE TAKES OWNERSHIP OF HOUSTON'S HOTEL ICON

HOUSTON — A joint venture between Canyon-Johnson Urban Funds and Centurion Partners has taken ownership of the 12-story, 135-room Hotel Icon, located at 220 Main St. in Houston. In November, Canyon-Johnson and Centurion acquired both the senior and junior loans on Hotel Icon and initiated a consensual foreclosure that concluded this week. The repositioning plan calls for property improvements including upgrades to the hotel's guest rooms, and enhanced television and technology systems. A management or franchise agreement with a major luxury national hotel chain will also be executed to re-brand the hotel and implement an effective reservation system and loyalty program. Destination Hotels and Resorts will manage the hotel until property upgrades and a major hotel affiliation can be met.