Canyon hires hospitality pro

The Los Angeles-based real estate investment firm has hired Richard Bosworth, who has a background managing non-performing hotel and casino loans, to oversee its hospitality investments.

Canyon Capital Realty Advisors has hired Richard Bosworth as a senior director to manage the firm’s hospitality assets, including in the $1 million Canyon Johnson Urban Fund.

Bosworth was most recently president and founder of the NTH Advisor Group, a development and advisory firm operating in the casino, hotel and restaurant sectors. He was previously chief operating officer of mixed-use real estate development firm Bond Companies and was earlier president and managing partner of BCL Hospitality providing consulting and investment banking services to the hospitality industry.

Bosworth also has experience with the bank workout process and managing non-performing loans, particularly non-performing hotel and casino loans, Canyon noted in a statement.

Los Angeles-based Canyon’s real estate funds include the Canyon Value Mortgage Fund, the Canyon Value Opportunity Fund and the Canyon-Johnson Urban Funds, a joint venture with Earvin “Magic” Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities. The Canyon-Johnson Urban Fund III closed on $1 billion in April 2008.