Entertainment mogul Merv Griffin said Thursday he has signed a binding agreement to sell the Beverly Hilton Hotel, home to Hollywood award shows and charity benefits.
Griffin entered into the agreement with Oasis West, LLC, a company owned by computer industry entrepreneur Beny Alagem. Terms of the deal, which was expected to close by the end of the year, were not disclosed.
"After 17 years, I am pleased to turn over the reins to Beny and Oasis West, who I am confident will continue the proud traditions of this extraordinary property," Griffin said in a statement.
Griffin had been in talks to sell the hotel to Beverly Hills real estate developer Probity International Corp. in July.
Griffin turned to real estate after years as a TV talk show host, singer and creator of game shows like "Wheel of Fortune" and "Jeopardy!" He bought and sold 14 hotels during the 1990s. In 1987, he bought the 582-room hotel from Barron Hilton, son of hotel magnate Conrad Hilton.
The hotel will retain its name and will be managed by Hilton Hotels Corp., Griffin said.
"We look forward to elevating the Beverly Hilton's prominence as a world-class hotel," Alagem said in a statement.
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