Today's Business Headlines: 8/9/24
Billionaire Larry Ellison scooped up a luxury 309-room waterfront resort just south of Palm Beach , boosting a real estate empire that stretches from the East Coast to Hawaii.
The Oracle co-founder snagged the property for an undisclosed price from the Lewis Trust group, which has owned the resort since 2003, the company said Friday.The firm was reportedly seeking about $1 million per room when they first began floating the idea of a sale in 2019 – or more than $300 million,
His expansive portfolio includes owning 98% of the Hawaiian island of Lanai, along with hospitality properties like the Nobu hotels in Malibu and Palo Alto, Calif.The Lewis Group purchased the resort and spa in 2003 for $67.5 million and invested about $100 million more into the property over the next few years.The eight-acre resort and hotel includes a variety of guest rooms, suites, restaurants and event spaces, as well as a beach, gym and spa.
The London-based group bought the Palm Beach Ritz property for $67.5 million, investing another $100 million into it over time, a report said.
Larry Ellison Oracle Palm Beach Resorts
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