Buyers beware: "Trophy hotels" can be fixer-uppers

02/18/2004 | Wall Street Journal, The

Sellers of some of the world's glitzy hotels are leaving the renovations to the buyers, forcing new owners to pour millions into bringing properties in line with their glamorous reputations. One such "trophy hotel" in decline is Merv Griffin's famed Beverly Hilton, whose stained carpet and outmoded decor were kept off camera during Hollywood's recent Golden Globes award show.

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