Thursday, July 27, 2006

Griffin's Scottsdale Resort Sold

Griffin's Scottsdale Resort Sold
By Stephanie Paterik The Arizona Republic


Former talk-show host Merv Griffin has sold the Hilton Resort Scottsdale, the last of his U.S. hotel holdings.

A spokeswoman for Griffin said the entertainer isn't getting out of the lodging business, he just couldn't turn down a sweet deal.

The Procaccianti Group, a Rhode Island developer and hotelier, on Monday said it bought the Hilton for an undisclosed amount from the Griffin Group of Beverly Hills . TPG, as the company is known, will take over management of the hotel.

TPG hired a new general manager and plans a $10 million upgrade, which will include remodeling 45 villas that are out of use.

The new owners also are considering rebranding the hotel and will initially make small upgrades, such as replacing linens.

Griffin wasn't looking to sell the property before TPG made an offer, his spokeswoman Marcia Newberger said. She said he loved the hotel.

"Somebody approached Merv, and, you know, any asset is available for sale," she said. "(Similarly), he wasn't looking to sell the Beverly Hilton, but if somebody approaches him and it's a sweet deal, you know, that's the nature of the business."

Newberger said Griffin loved the Scottsdale resort and visited often. He named Griff's café after himself and Charlie's Poolside Bar & Grill after his dog. Griffin stipulated that the restaurant names be changed now, TPG spokesman Ralph Izzi Jr. said.

TPG owns the Doubletree Paradise Valley Resort & Spa a mile away.

"Our own property just down the road has been a tremendous performer for us, and we saw tremendous opportunity in this property, as well," Izzi said.

The deal closed Friday and leaves Griffin with one hotel in Ireland . But he's not bowing out of the business, Newberger said.

"It is not to say he won't be buying other properties in the future," Newberger said. "It depends on if something appeals to him and it's good real estate."

For more information or to search for luxury homes in the Scottsdale and Paradise Valley areas, call Laura Boyajian, aka, Laura B. directly at 602.400.0008 or go to:

http://lauraboyajian.az-re.com/filterarmlsresi_95220.cfm
http://www.historiccentralphoenix.com
www.historiccentralphoenix.com

Historic Phoenix Homes Information: Griffin's Scottsdale Resort Sold

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home