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Computer Entrepreneur Beny Alagem to Acquire
Beverly Hilton from Merv Griffin
BEVERLY HILLS, CA – DECEMBER 4, 2003 - Businessman and entertainment mogul Merv Griffin announced today that his company has entered into a binding agreement to sell the world-famous Beverly Hilton to Oasis West, LLC, a company owned by entrepreneur and computer industry pioneer, Beny Alagem.  The transaction is expected to close by the end of the year.

The Beverly Hilton is located on an 8.9-acre property at the intersection of Wilshire and Santa Monica Boulevards in Beverly Hills, California. Griffin purchased the 582-room hotel in 1987 from a partnership of Hilton Hotels Corporation and the Prudential Insurance Company. The Beverly Hilton is home to countless awards shows, charity benefits and entertainment and motion picture industry events, and is perhaps best known as the home of the annual Golden Globe Awards. 

Said Griffin this morning from his office in Beverly Hills, “The Beverly Hilton and its employees will always be very special to me. After 17 years, I am pleased to turn over the reigns to Beny and Oasis West, who I am confident will continue the proud traditions of this extraordinary property.” 

Oasis West is currently developing plans to renovate the hotel to solidify its reputation as a preeminent hotel in the heart of Beverly Hills.  The property will continue to be known as The Beverly Hilton and will be managed by Hilton Hotels Corporation. 

“Our immediate focus is to successfully conclude the hotel purchase by the end of the year,” said Alagem.  “We look forward to elevating The Beverly Hilton’s prominence as a world-class hotel by delivering unparalleled service in a luxurious environment.  The Beverly Hilton is an important asset to the community of Beverly Hills.  We truly appreciate Merv ’s dedication and contribution to the community over the last 17 years as owner of this great hotel property.”

Alagem’s business career spans 25 years as a successful entrepreneur in the computer, telecommunications, technology and real estate industries. He is a long-time resident of Beverly Hills and his investment businesses are headquartered in the city.  Alagem has appointed Ted Kahan to serve as president in charge of the day-to-day operations of Oasis Group.  Kahan previously served as a real estate executive for the Davis Companies and American Golf Corporation. 

The Griffin Group, Inc., the investment and management company overseeing the investments and properties of Merv Griffin, is actively involved in a diverse portfolio of operations, including Griffin’s hotel properties, various real estate holdings, the movie and television productions of his Merv Griffin Entertainment, and closed circuit television services which are provided by Teleview Racing Patrol.

 

 
Contact:

Griffin Group
Marcia Newberger
310 275-0777

Oasis West, LLC: 
Marie Garvey
310 545-8237

Also See: Merv Griffin May Have Buyer for Flagship Beverly Hilton Hotel; Purchase Price Expected to be about $130 million, $220,000 per room / December 2003
Gemstone Resorts Opens First Hotel In Beverly Hills In A Decade - the 49-room Mosaic Hotel Beverly Hills / Feb 2003


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