187-Room Resort & Spa Keeping Hilton Flag

SCOTTSDALE, AZ-In its second purchase in the region, the Procaccianti Group has bought the 187-room, 45-villa Hilton Resort & Spa from the Griffin Group. Twelve years ago, the seller, headed up by entertainer Merv Griffin, paid $14 million for the hotel and then put $15 million into upgrading it through the years.

The Cranston, RI-based buyer is planning to invest another $10 million into renovations at the hotel, built in 1973 at 5402 E. Lincoln Dr. Procaccianti, which acquired the nearby Paradise Valley Resort & Spa in mid-2005, will oversee the renovation and manage the hotel, keeping the Hilton brand in place.

“We like the Phoenix area, in particular the Scottsdale market for the long-term value,” says Rob Leven, Procaccianti’s chief investment officer. “It doesn’t indicate we’ll be buying anything there right now. If there’s an opportunity, we’ll pursue it.”