Friday, October 15, 2021

Larry Ellison’s Investment Arm Buys Lake Tahoe Hyatt Resort for $345M

Larry Ellison and the Hyatt resort in Lake Tahoe at 111 Country Club Drive, Incline Village (Getty, Hyatt)

Oracle co-founder Larry Ellison acquired a waterfront resort in Lake Tahoe’s Incline Village neighborhood for $345 million, representing one of the billionaire’s most significant property purchases yet along the lake’s north shore.

Lawrence Investments LLC, which Ellison heads and has used to buy properties in California and Nevada before, according to multiple news reports, is the new owner of the Hyatt Regency Lake Tahoe Resort, Spa and Casino at 111 Country Club Drive in Nevada.

The limited liability company bought the site of the Hyatt Regency, which spans about 16 acres, and an adjacent, almost 8.6-acre site at 995 Lakeshore Boulevard that’s immediately south of the resort. The smaller of the two parcels is occupied by a dozen cottages, a boat rental company, and the Lone Eagle Grille.

The deal was recorded in the Washoe County Recorder’s office on Sept. 3. The seller was a limited liability company whose address matches that of the Hyatt Hotels Corporation. Representatives for Hyatt Hotels, including Chief Financial Officer Joan Bottarini, who signed the Sept. 3 sale deed, didn’t respond to an email seeking comment.

Representatives for Lawrence Investments didn’t respond to emails and LinkedIn messages seeking comment and couldn’t be reached through the company’s only publicly listed phone number, which connects to a fax machine.

The Hyatt Regency Lake Tahoe stands 12 stories tall and has 422 rooms, including 35 suites and 24 cottages. It offers a raft of amenities to guests, such as 50,000 square feet of event space, a heated outdoor swimming pool and a spa/salon. As of Tuesday, the average cost for a room ranged from $329 to $404 a night for non-Hyatt members, according to the hotel’s website.

The price of $817,535 per room is a record high for Lake Tahoe, but far from the most paid for a California hotel, according to Alan Reay, president of Atlas Hospitality Group, who was not involved in the transaction. A number of deals have closed at more than $2 million per room, he said.

The Hyatt is located near Ellison’s 18,000-square-foot compound in Incline Village, informally known as “Billionaires’ Row” for the ultra-wealthy residents who have bought properties in the neighborhood. Among them: Facebook CEO Mark Zuckerberg (who purchased two adjoining, shoreline estates in 2019 for $59 million), David Duffield and Michael Milken.

The area is favored by the super-rich seeking to get away from the limelight. Nevada also doesn’t have state personal, business or corporate income taxes.

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