The Sculpin - 5-12-2006 at 02:32 PM
This just in...but maybe you've heard.......
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Beverly Hilton Owner Buys Hilton Los Cabos
By Brian K. Miller
SAN JOSE DEL CABO, MEXICO-Beverly Hilton owner Beny Alagem and Oasis, the hospitality division of Alagem Capital Group, have acquired the 375-room
Hilton Los Cabos Beach & Golf Resort. The four-year-old property sits about halfway between this historic town and Cabo San Lucas, both of which
sit at the southern tip of the Baja Peninsula. The hotel will continue to be managed by Hilton Hotels Corp.
The seller was a partnership led by Grupo Questro, a Mexico-based development company with several projects in the Los Cabos area (Manuel Villarreal
and Eduardo Sanchez-Navarro). The purchase price was not released by the parties involved and was not otherwise immediately available. Financing for
the transaction was provided by JPMorgan Chase Bank.
Alagem, chairman of Oasis, declined an interview, according to a representative. His stated strategy for the property is to make cosmetic improvements
and increase services in order to take the hotel ?to the next level of luxury...that will enable this hotel to compete at an even higher level? .?
The 11.3-acre beachfront resort features 11,300 sf of interior meeting and event space, a 7,500-sf full service spa and fitness center, four
restaurants, golf and a ?zero-edge? pool. The Mediterranean-style resort is rated Four Diamond by AAA and last year was the best performing property
in Hilton?s 240-property resort division.
The cosmetic improvements will focus on upgrading the interior design and amenities in the guest rooms, suites and key public areas. The work has been
handed to Paul Duesing Partners. Plans also include increased service offerings, additional restaurants and a comprehensive landscape plan to
transform the resort grounds.
Alagem is best known as the co-founder of Packard Bell Electronics, which he sold in 1998. Since then, he has invested through Alagem Capital Group,
his Beverly Hills-based private equity group. Oasis is Alagem Capital?s hospitality division; it owns the 581-room Beverly Hilton, which it acquired
from Merv Griffin 2003 for a reported $223,000 per key, and now the Hilton Los Cabos. Future for the Beverly Hilton include the addition of
condominiums and a possible condo-hotel that would share the hotel services.
Copyright ? 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
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Sonnenblick-Goldman Arranges $91M Acquisition of Mexico Hotel
Alagem Capital Group has received $91 million mortgage arranged by Sonnenblick-Goldman for the acquisition of the Hilton Los Cabos Beach & Golf
Resort in Mexico. Hilton Hotels Corp. will continue to manage the property, financing for which was provided by JP Morgan.