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Magic Johnson
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Magic Johnson-led joint venture buys Hilton Washington hotel

San Jose Mercury News - San Jose, CA, USA - An investment fund partly owned by former NBA superstar Earvin "Magic" Johnson has teamed up with a real estate company to purchase the Hilton Washington hotel from Hilton Hotels Corp. for $290 million, the companies said Thursday.

Johnson's Canyon-Johnson Urban Fund and Los Angeles-based Lowe Enterprises Investors signed a long-term agreement with Hilton Hotels to manage the hotel, which has played host to world leaders and others visiting the U.S. capital since opening in 1965.

Canyon-Johnson and Lowe have also agreed to invest more than $100 million to renovate the hotel beginning in the third quarter, the firms said.

The deal gives Canyon-Johnson a majority stake in the hotel. The fund is a joint venture between Canyon Capital Realty Advisors and Johnson.
Source : Originally Published San Jose Mercury News - San Jose, CA, USA, May 31, 2007
Celebrities : Magic Johnson
Categories : Athlete News
Posted 5/31/2007 03:05:32 AM | Permalink
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