The seller was a partnership led by Grupo Questro, a Mexico-based development company with several projects in the Los Cabos area. 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.