Richard Bosworth, the California-based real estate financier who ended his bid to purchase Hooters Hotel last year, has joined Canyon Capital Realty Advisors, the Los Angeles-based investment firm announced today.
Affiliates of Canyon Capital are involved in the bankruptcy of the Greek Isles. The Convention Center Drive property was forced into bankruptcy in April eight months after defaulting on a $56 million loan partially controlled by Canyon.
The firm was also involved in financing the San Remo’s conversion into a Hooters Hotel as well as financing for the now closed Lady Luck downtown.
Both notes were repaid in full ahead of maturity.
Bosworth joins Canyon Capital as senior director overseeing the firm’s hospitality holdings around the country and will manage assets in some of Canyon’s portfolios.
His experience includes restructuring nonperforming casino and hotel loans outside of bankruptcy court, including 30 such loans since 2001.
Bosworth was a principal for Hedwigs Las Vegas Top Tier, the Santa Monica, Calif.-based investment group that spent $6 million in nonrefundable fees before abandoning the Hooters Hotel purchase in June.