Larry Ellison, who founded Oracle, a company whose software inhabits a slew of hotels throughout the world, is now the owner of his own hotel—Eau Palm Beach Resort & Spa, a luxury hotel in Manalapan, Fla., and a member of the Preferred Hotels & Resorts Legend Collection.
Ellison already boasts a collection of trophy hotel real estate, including Sensei Lanai, A Four Seasons Resort, Nobu Ryokan Malibu, Nobu Hotel Palo Alto, Hyatt Regency Lake Tahoe and Sensei Porcupine Creek.
Eastdil Secured advised the seller, the London-based Lewis Trust Group, which acquired the hotel in 2003 for $67.5 million when it operated as a Ritz-Carlton. The hotel remained as a Ritz-Carlton flag up until 2013 when it became the independent 309-room Eau Palm Beach.
No sale price was disclosed.
The hotel’s owner reportedly put the hotel on the market in February 2019 but pulled it back soon after when it didn’t find a suitable buyer. For its part, the Lewis Trust poured millions of renovations dollars into the hotel before and after it traded as the Eau Palm Beach.
Ellison is a longtime resident of Manalapan, a barrier island in the town of Palm Beach County.
The hotel was originally established as La Coquille Club in the 1950s and served as a popular beach club and playground for socialites such as the Vanderbilt and Ford families, as well as the Rockefeller family and U.S. presidents. 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 oceanfront property has been recognized nine consecutive years as a Forbes Five-Star resort.
“Our family feels privileged to have been a successful part of the Eau Palm Beach story,” said Simon Lewis, principal, Lewis Trust Group. “Though we are sorry to bring our tenure to a close, we are gratified in knowing that Larry Ellison will treasure the resort and guide its hoteliers to even greater heights. Though we leave behind countless memories and friends, we will always look back on our long association with Manalapan with gratitude and pride.”
“We are excited about the acquisition by the Ellison family,” said Tim Nardi, GM of Eau Palm Beach Resort & 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.”
A press release said that Ellison is planning to invest in future updates “that will further elevate the guest experience.”
