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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."
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