Larry Ellison, the Oracle co-founder with an estimated net worth of $143 billion, has added the luxury Eau Palm Beach Resort and Spa in Manalapan, Florida, to his sprawling real estate portfolio.
The hotel said in a statement that the deal was brokered by Eastdil Secured. A price for the 309-room hotel, located at 100 S. Ocean Blvd. and 9 miles south of downtown West Palm Beach, was not disclosed.
The hotel, included in the Preferred Hotels & Resorts Legend Collection, was sold by Zinfandel Holdings, an affiliate of Blue Coast Capital and the Lewis Trust Group led by the family of Simon Lewis.
Ellison, who helped launch Oracle in 1977 as its chief executive, maintains a real estate portfolio including properties in South Florida, California and the majority of the Hawaiian island of Lanai. He's the world's seventh wealthiest person, according to the Bloomberg Billionaires Index.
The latest acquisition is one of Palm Beach County's most well-known and luxurious hotel properties, having been on the Forbes Five-Star resort list for the past nine years.
The hotel traces its origins to the 1950s La Coquille Club, an exclusive destination for the Vanderbilt, Rockefeller and Ford families, along with several U.S. presidents. It was later acquired by the proprietors of the Vanderbilt estate, the Simon family.
The club was demolished in 1986 after a years-long process and replaced by the Ritz-Carlton Palm Beach in 1991. The Lewis family acquired the hotel in 2003 for $64.5 million before finally rebranding it in 2013 to its current iteration, the Eau Palm Beach Resort and Spa.
“Ellison’s extensive experience in luxury hospitality brings a new level of innovation to the resort and we are confident that this transition will not only enhance the unique experiences we offer but also introduce new amenities and services, ensuring Eau Palm Beach remains a premier destination for our valued guests,” said Tim Nardi, the hotel’s general manager, in a statement.
This acquisition is the latest from Ellison, who has a hospitality portfolio that includes Four Seasons Resort Lanai, Sensei Lanai, Nobu Ryokan Malibu, Nobu Hotel Palo Alto, the Hyatt Regency Lake Tahoe and Sensei Porcupine Creek.
Ellison plans to invest in the hotel, with updates to improve guest experience. The property's current team of hotel staff will be maintained to ensure continuity.