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David Arquette

Tiffany Rose/WireImage.com

It's official!

David Arquette is diving into the nightlife business once again.

The former Dancing With the Stars hopeful confirms...

READ: David Arquette Talks Scream: Is the Franchise Dead?

He's opening a nightclub at the Beverly Hilton Hotel called the Good Life.

"There will be singing and dancing, a live band and puppets," Arquette told me at the L.A. Gay & Lesbian Center's 40th anniversary gala, where he presented an award to Chaz Bono.

Puppets like Kermie and Miss Piggy?!

"Not Muppets," Arquette said. "They're gonna be grown-up puppets." (Not that he has anything against the Muppets—he's been in two of their movies.)

The club, which was first reported by Life & Style, will open after the New Year. "It's getting back to my roots," he said. "My family goes back to Vaudeville...It'll be a place for people to go to perform."

Arquette last took a shot at the nightclub biz as an investor in the Hollywood outpost of Las Vegas club Beacher's Madhouse, but he pulled out of the venture after a few months.