Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PALM SPRINGS, CA-New York’s Jack Parker Corp. has acquired the Givenchy Resort & Spa and will operate it as Le Parker Meridien Palm Springs, with plans to renovate and remodel the property, which was once owned by entertainer Merv Griffin.

The Parker Corp. acquired the 14-acre resort near Downtown Palm Springs from LAX GL, an investment group controlled by Tarsadia Hotels of Costa Mesa. The transaction was a direct deal between buyer and seller so terms weren’t available. Real estate industry sources say the transaction is hard to estimate because it could have sold for anywhere between $10 million and $16 million. The sale closed within 40 days of the buyer’s first look at the property, according to Glyn Aeppel, an EVP for London-based Le Meridien Hotels & Resorts.

Steven Pipes, a vice president for Parker, says the company acquired the property via a new $200-million hospitality fund and expects to acquire other resorts in the near future.The new Le Meridien is a 107-room resort that will be the second owned and operated under the flag by Parker, which also owns and operates the Le Parker Meridien New York.

The renovations planned by the new owners are scheduled to begin in October and take about a year to complete. The refurbishing will include all rooms and villas as well as improvements to the 22,000-sf spa, restaurant, public spaces and the addition of a new pool. The resort will remain open during the remodeling.

The former Givenchy site includes gardens, walking and hiking trails, and six tennis courts on-site. The resort also features 10,500 sf of indoor meeting space and 30,000 sf of outdoor event space.

The family-owned Jack Parker Corp. was founded in 1955 and owns commercial land and improved property holdings exceeding eight million sf. In addition to the New York City hotel, Parker also owns the recently completed Biltmore Apartment in the city; Parker Plaza in Ft. Lee, NJ; Parker Corporate Center in Westchester County, NY; and Parker Raleigh Commercial Buildings, Raleigh, NC.

The newly flagged resort was owned at one time by Scottsdale, AZ-based Epix Hotels & Resorts and before that by entertainer Griffin. It was known for a time as a favorite of Hollywood stars and entertainers, including the late cowboy singing star Gene Autry.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.