Entertainment mogul Merv Griffin says he is working on a deal that could result in the sale of his Beverly Hilton hotel, site of countless Hollywood award shows.
Griffin said Wednesday he has been in discussions with Beverly Hills real estate developer Probity International Corp. The hotel would retain its name if sold, Griffin and Probity said.
Probity's chief executive, Robert Zarnegin, said acquiring Griffin's hotel would be "an unparalleled opportunity to renovate and reposition" it.
Griffin, 78, bought the hotel in 1987 from Barron Hilton, son of hotel magnate Conrad Hilton.
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"This property and its employees have been very important to me for many years," Griffin said.