Just Acquired 185 room Hilton Resort, Scottsdale Arizona
PROVIDENCE, R.I., July 17, 2006 - Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of the Hilton Resort, Scottsdale Arizona. In a deal brokered by Jones Lang LaSalle, TPG purchased the hotel owned by The Griffin Group and Merv Griffin, the former talk show host and game show producer.
"It has been a pleasure working with the Griffin Group throughout the entire process," said James Procaccianti, President and CEO of The Procaccianti Group. "The Hilton Scottsdale is a fantastic addition to our national portfolio."
Located just one mile from another TPG property, the Paradise Valley Resort & Spa, a Doubletree Hotel, The Hilton Scottsdale is within walking distance of upscale retail, restaurants, and other southwestern desert oriented leisure activities.
"I'm pleased to see that one of my favorite assets is going to a company that has a local presence, an excellent reputation for guest service, performance, and a passion for quality and commitment to excellence," said entertainment icon Merv Griffin.
The Hilton Scottsdale has 185 rooms, 45 Villas, 15,242 square feet of meeting space, a restaurant, pool bar, and Flemings Prime Steakhouse. The facility also includes a business center, gift shop, beauty salon, health club, Spa, and outdoor pool.
The Griffin Group purchased the property in 1999 and completed an expansion and partial renovation in 2000 - 2001 and again in early 2005, which included the addition of a 10,000 square foot ballroom and updated case goods and soft goods.
The Procaccianti Group is planning additional renovations to the property, with as much as $10 million for upgrading the 45 Villas located on site, which are currently not in service.
About The Procaccianti Group (TPG)
The Procaccianti Group (TPG) is a second generation, privately held real estate investment company that specializes in acquisition, renovation and management of investment real estate. TPG has owned or developed more than 17 million square feet of real estate, valued at over $3 billion.
The Procaccianti Group currently owns 43 hotels totaling 11,217 guest rooms in 16 states and employs nearly 6,000 people from coast to coast with 200 professionals based at the corporate headquarters in Rhode Island. TPG is comprised of various companies engaged in hospitality management, mixed-use development, design and construction, purchasing, property management, asset management and lending.
|Also See:||Best Overall Performing Hotels for Hilton in 2002; Hilton DFW Lakes, Hilton Lac Leamy and Hilton Scottsdale Resort / March 2003|
|Richard Behr Named General Manager of Merv Griffin's Hilton Scottsdale Resort & Villas / May 2004|