Oracle founder Larry Ellison, whose net worth of $163. 7 billion puts him fifth on Forbes’ list of the world’s richest people, bought the Eau Palm Beach Resort & Spa, a luxury hotel across the street from the beach with 309 rooms just south of Palm Beach. for an undisclosed value estimated at more than $300 million, other people familiar with the transaction told the Palm Beach Daily News.
The seller, London-based venture capital firm Lewis Trust Group, bought the hotel for $67. 5 million in 2003, when it was a Ritz-Carlton. The assets were renamed a decade later as Eau Palm Beach and operated as part of Preferred Hotels
“Our family circle feels privileged to have contributed effectively to the history of Eau Palm Beach,” Simon Lewis, director of Lewis Trust Group, said in a statement. “While we regret ending our tenure, we are pleased to hear that Larry Ellison will appreciate the hotel and advise its hoteliers to even greater heights. “
Eau Palm Beach is just the latest addition to Ellison’s luxury hotel and real estate portfolio, which has grown since Forbes valued it at $1 billion in 2021 two years ago. Array Ellison bought a 63,200-square-foot, 1,200-foot Palm Beach mansion. $173 million oceanfront beach from tech billionaire Jim Clark. This is the most expensive home sale in Sunshine State history.
Ellison also owns 4 homes in Newport, Rhode Island, in addition to the former Astor mansion, known as Beechwood, which he bought for $10. 5 million in 2010 and spent $100 million converting it into a museum to expand his art collection. . He then bought 3 neighboring houses. homes along Newport’s tony Bellevue Avenue, according to the Newport Daily News.
In 2012, Ellison acquired 98 of the 18-mile-long Hawaiian islands of Lanai for $300 million from Dole Food Chairman David Murdock.
In California, Ellison also owns several homes along “billionaire beach” in Malibu, as well as a personal property in Woodside, California, modeled after the palace of a 16th-century Japanese emperor.
In Hawaii, he owns the Four Seasons Resort Lanai and the Sensei Lanai. In California he owns the Nobu Ryokan Malibu; Hotel Nobu in Palo Alto; Hyatt Regency Lake Tahoe (acquired for $345 million); and Sensei Porcupine Creek, 230 acres, in Rancho Mirage, California.
Ellison’s Brilliant Last Ball, located on Eastover Beach, Vanderbilt’s historic estate, has undergone many adjustments over the decades. From the 1950s to the late 1970s, Eau Palm Beach was the site of La Coquille Club, a popular beach playground for socialites, including the Vanderbilt, Rockefeller, and Ford families, as well as presidents and foreign dignitaries of the United States. The club was razed to make way for the Ritz-Carlton Palm Beach, which opened in the early 1990s.
The eight-acre hotel features two oceanfront pools, nine restaurants and bars, a fitness center, video game room, tennis courts, a 42,000-square-foot spa and 32,000-square-foot meeting space. There’s a children’s games room and children’s pool, as well as stand-up paddleboarding, snorkeling and surfing lessons.
For a September weekend, rates for a 418-square-foot indoor-facing room start at $467 per night before taxes and fees, while oceanfront rooms start at $754 per night. An 812-square-foot oceanfront suite with two bathrooms. and a personal lanai per night costs $2,769 per night.
During the Trump administration, the hotel was an occasional retreat for foreign dignitaries, the Palm Beach Post reported. In April 2017, Chinese President Xi Jinping and his spouse stayed at the Eau Palm Beach Resort
Ellison intends to retain the station’s existing control equipment. “We are excited about the acquisition through the Ellison family,” said Tim Nardi, general manager of Eau Palm Beach Resort.
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