Oracle software billionaire Larry Ellison has acquired the 309-room Eau Palm Beach Resort & Spa in Manalapan, Florida, just south of Palm Beach, for an undisclosed price.
The seller, London-based Lewis Trust Group, acquired the hotel in 2003 while it was flying the Ritz-Carlton flag for $67.5 million. They reportedly tried to sell the hotel in 2019 for $1 million per key but could not find the right buyer or the right price. It was rebranded in 2013 to its current independent name and operates as a member of Preferred Hotels & Resorts Legend Collection.
Ellison's hotel portfolio already includes the Four Seasons Resort Lanai, Sensei Lanai, Nobu Ryokan Malibu, Nobu Hotel Palo Alto, Hyatt Regency Lake Tahoe, and Sensei Porcupine Creek in Rancho Mirage, California.
The resort underwent a multimillion-dollar renovation in 2022 and Ellison, who owns a nearby estate, said he plans to further invest in the property that during its initial heyday in the 1950s served as a playground for elites such as the Fords, Vanderbilts and Rockefellers.
Originally established as La Coquille Club in the 1950s, the resort has evolved since its inception. By the late 1970s, the Simon family, owners of the Vanderbilt estate, obtained permission to raze the club and build the Ritz-Carlton Palm Beach, which opened in the early 1990s.
The 8-acre resort features seaside swimming pools, a 42,000-square-foot spa, 32,000 square feet of meeting space and several restaurants. Locals still enjoy La Coquille Club located within the resort.
Source: Hotel Investment Today