Larry Ellison, co-founder of Oracle, has recently purchased the Eau Palm Beach Resort & Spa from the Lewis Trust Group. This luxurious 309-room resort has a rich history and was originally known as La Coquille Club when it opened in 1950. It quickly became a popular destination for wealthy vacationers such as the Vanderbilt, Ford, and Rockefeller families. In the 1990s it was rebranded as Ritz-Carlton Palm Beach Resort before being renamed once again to its current name in 2013. Sources estimate that each room cost approximately $1 million.
The expansive property spans over eight acres and boasts amenities such as seaside swimming pools, a massive spa spanning over 42,000 square feet, multiple restaurants and bars,and more than enough meeting space with over32 ,000 square feet available.
Ellison’s interest in hospitality is evident through his ownership of other high-end properties including Four Seasons Lanai,Sensei Lanai,Nobu Ryokan Malibu,Nobu Hotel Palo Alto,and Hyatt Regency Lake Tahoe.He plans to make further investments into updating Eau Palm Beach Resort & Spa.
Eastdil Secured’s Lodging Team acted as exclusive advisor to the seller during this transaction which marks another successful acquisition by Ellison within his expanding portfolio.
