The Cranston, RI-based buyer is planning to invest another $10million into renovations at the hotel, built in 1973 at 5402 E.Lincoln Dr. Procaccianti, which acquired the nearby Paradise ValleyResort & Spa in mid-2005, will oversee the renovation andmanage the hotel, keeping the Hilton brand in place.

"We like the Phoenix area, in particular the Scottsdale marketfor the long-term value," says Rob Leven, Procaccianti's chiefinvestment officer. "It doesn't indicate we'll be buying anythingthere right now. If there's an opportunity, we'll pursue it."

Leven tells GlobeSt.com that the Hilton Resort & Spa fitswithin the portfolio parameters, which call for upscale,full-service hotels. "You won't see us buying too many olderproperties with a lot of obsolesces," he adds. "Sometimes, aproperty can be older, but built with more of a forward thinkingthan others."