LOS ANGELES, CA - Canyon Capital Realty Advisors (CCRA) and its affiliates including the Canyon Johnson Urban Funds (CJUF) announced today that real estate executive Richard Bosworth has joined the company as Senior Director with responsibility for Canyon's hospitality holdings around the country. Bosworth, who brings nearly 30 years of experience to the position, will manage assets in the CCRA and CJUF portfolios.
"Richard's strong experience in hotel operational management, investments and special servicing, combined with his ability to adapt to a changing market environment, brings significant value to our team as we actively seek new opportunities around the United States," said Canyon Managing Partner Bobby Turner.
Since the mid-1990's, Bosworth has been heavily involved in the bank workout process and managing non-performing loans, many of which were assets originated by failed S&Ls. After the travel industry downturn in 2001 and the subsequent illiquid capital markets for hospitality finance, Bosworth assisted the five top-rated Special Servicers with their non-performing hotel and casino loans, participating in over 30 lender workouts.
Immediately prior to joining the Canyon team, Bosworth was President and founder of the NTH Advisory Group, LLC, a development and advisory company specializing in the casino, hotel and restaurant industries.
Bosworth also served as Chief Operating Officer of Bond Companies, a mixed-use real estate development firm specializing in residential, commercial and retail projects across the United States. CJUF and Bond partnered on the very successful Sunset and Vine project several years ago. Before becoming COO, Bosworth was Managing Partner and President of BCL Hospitality Advisory, LLC, which provided consulting and investment-banking services for the hospitality industry.
As Managing Director at Llama Capital Mortgage Company, a real estate finance company wholly owned by Alice Walton, Bosworth was responsible for originating and acquiring commercial real estate debt. He oversaw the firm's investment banking activities with an emphasis on hospitality transactions. Bosworth also served as Vice President of Commercial Real Estate Lending and Hotel Investments at Ocwen Financial, a $3 billion financial services company and Special Servicer. There, he played an active role in identifying distressed hotel loans as part of the company's aggressive acquisition plan. Bosworth's supervision of hospitality investments enabled the bank to obtain the highest Special Servicer rating possible.
Bosworth has also held several other hotel and restaurant operations management positions at global organizations including Marriott Corporation, Servico Hotels and Resorts and Tara Hotels. Over his career, the real estate executive has received several national hospitality management awards from organizations including the National Restaurant Association and the Hospitality Sales and Marketing Association International. He was also awarded "General Manager of the Year" in 1990 by the country's largest hotel management company at the time.
Source: Canyon Capital Realty Advisors