Oracle Co-Founder Larry Ellison Buys Hyatt Regency Lake Tahoe for US$345m
Main Photo: The magnificent setting of the Hyatt Regency Lake Tahoe
Date: October 2021
Name: Hyatt Regency Lake Tahoe Resort, Spa & Casino
Location: Lake Tahoe’s North Shore, Nevada, USA
Number of Keys: 422, including 24 cottages
Seller: The property is in Incline Village
Buyer: Larry Ellison, who also owns the Cal Neva resort on the state line
Oracle co-founder Larry Ellison has bought another resort on Lake Tahoe’s north shore, paying $345 million for the Hyatt Regency Lake Tahoe.
The property is in Incline Village and a few miles from the stateline resort Cal Neva, which Ellison also owns.
According to Washoe County property records, the deal last month encompassed the 16-acre main Hyatt property and an adjacent 8½-acre parcel on the lake’s shore that now contains cottages and a restaurant.
The Hyatt has 422 rooms, including 24 cottages and a 12-story hotel tower. Ellison, who spends most of his time on the Hawaiian island of Lanai, owns a home in Incline Village. Facebook’s Mark Zuckerberg in 2019 spent $59 million for two adjacent properties near Tahoe City, on the lake’s west shore.
In 2017, Ellison paid $35.8 million to buy the Cal Neva out of bankruptcy. The old-school lodge, once owned by Frank Sinatra, has been closed since 2013. In 2019, the Hollywood Reporter announced that Ellison’s group planned to reopen it as part of the Nobu Hospitality Group, which runs the Ellison-owned Nobu Ryokan in Malibu.
In another recent north shore hotel deal, a California company paid $56.8 million last month for the Tahoe Biltmore, a 75-year-old casino resort near the California-Nevada state line.
The highest concentration of billionaires is along the shoreline in Incline Village, Nevada. It is considered “Billionaires Row” or “Income Village,” and is basically one giant country club with large gated estates that you can only see from the water. Among the wealthy residents past and present are Larry Ellison, David Duffield, Michael Milken, Gene Pretti, Walmart heirs, and more. Howard Hughes once used this location as an escape, and his log home recently sold for $17.5 million while Casino magnate Steve Wynn sold his longtime lakefront estate for $31 million.
Price: US$345m
Price per Key: US$817,536
THPT Comment: Interesting the number of billionaires that own hotels…not many running them hands on. Larry Ellison has built himself up a good portfolio in Hawaii and now this second property in California-Nevada
First Seen: Mercury News
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