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Beverly Hilton hotel sells for $130 million
In a most expensive hotel sale in Los Angeles, the famous Beverly Hilton Hotel is being sold to computer entrepreneur Beny Alagem for 130 million US dollars, the Los Angeles Times reported Friday. Terms weren't disclosed, but the newspaper quoted real estate industry sources as saying the deal is about 223,000 dollars a room. That would make it the most expensive hotel sale on a per-room basis in Los Angeles County in recent years, though less than half the 549,000 dollars per room being paid for Hotel del Coronado in San Diego, hotel expert Alan Reay told the newspaper. The Del Coronado sale, for 385 million dollars, is pending. Beverly Hilton's current owner, Merv Griffin, bought the 581- room hotel at Santa Monica and Wilshire boulevards in Beverly Hills for 100 million dollars in 1987 from Barron Hilton, son of hotel magnate Conrad Hilton, and Prudential Insurance Co. The 78-year-old Griffin, a former talk show host and creator of the popular television game shows "Wheel of Fortune" and "Jeopardy ", lives at the hotel but says he will move out. He has a ranch in La Quinta and a home in Carmel. The 48-year-old four-star Beverly Hilton has an excellent location and has been the gathering place for many parties and film celebrations by Hollywood celebrities. The hotel will continue to operate under the Hilton flag after the acquisition closes, which is expected by the end of the year. Alagem co-founded Packard Bell Electronics in 1986 and left the company in 1998, a year before its operations were shuttered by majority owner NEC Corp. The 50-year-old Alagem has owned and managed several properties in California, including a Century City office building and several industrial buildings in the San Fernando Valley. His investment firm, Alagem Capital, is based in Beverly Hills.
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