Ellison, the founder of the Oracle software empire, bought the hotel property from the Lewis family of the Lewis Trust Group for an undisclosed price.
Oracle software billionaire Larry Ellison has purchased the beachfront Eau Palm Beach Resort & Spa in Manalapan, south of Palm Beach, the luxury resort announced today.
Ellison owns the largest residential development in Manalapan, the affluent city south of Palm Beach. He also owns other luxury properties. The purchase price and terms of the Eau Palm Beach sale were not disclosed.
Ellison purchased the Mediterranean-style resort with over 300 rooms from the Lewis Trust Group, which had owned the property since 2003.
“Our family feels privileged to have been a successful part of Eau Palm Beach’s history,” said Simon Lewis, director of the London-based Lewis Trust Group, in a statement released by the resort.
“While we are sad that our tenure is coming to an end, we are delighted that Larry Ellison will cherish the resort and lead its hoteliers to even greater heights. While we leave behind countless memories and friends, we will always look back with gratitude and pride on our long association with Manalapan.”
In addition to founding Oracle, Ellison has been involved in numerous luxury hotel projects. His portfolio includes the Four Seasons Resort Lanai, Sensei Lanai, Nobu Ryokan Malibu, Nobu Hotel Palo Alto, Hyatt Regency Lake Tahoe and Sensei Porcupine Creek.
“We are pleased to be acquired by the Ellison family,” said Tim Nardi, general manager of Eau Palm Beach Resort & Spa, in the sales announcement.
“Ellison’s extensive experience in the luxury hotel industry 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 will also introduce new amenities and services and ensure that Eau Palm Beach remains a premier destination for our valued guests,” said Nardi.
The resort underwent a year-long, multi-million dollar improvement project that was completed in 2022. This remodeling project followed other renovations at the resort, including the redesign of ballrooms and meeting rooms in 2018.
In 2019, the Lewis family came up with the idea of selling the resort, the Palm Beach Post reported. But no suitable buyer was found, the Post reported. Real estate sources told the Post at the time that the Lewis family was asking about $1 million per room. With 309 rooms, the asking price would be well over $300 million.
In 2022, Ellison paid a record-breaking $173 million for his Manalapan estate at 2000 S. Ocean Blvd., setting a new Florida residential real estate sales record. He bought the ocean-lake property — and part of nearby Bird Island in the Intracoastal Waterway — from a trust controlled by another software billionaire, Jim Clark. In total, the estate and island are more than 22 acres.
The Manalapan property is located about 2.5 miles south of the resort grounds. Ellison’s primary residence is in Hawaii.
Forbes estimates Ellison’s net worth at $159.7 billion.
The new owner plans to make improvements to the resort grounds, the announcement said, but specific details were not given.
“It is important that the current hotel team remains with the company to ensure a smooth transition and continuity in operations,” the announcement said.
The 8-acre resort and hotel features oceanfront swimming pools, a 40,000-square-foot spa, 30,000 square feet of meeting space and multiple restaurants. Eau Palm Beach consistently receives high ratings from travel magazines and hospitality organizations.
The Lodging team of global real estate investment bank Eastdil Secured acted as advisor to Thomas Trust Group on the sale, the announcement said. The same company marketed the resort when it was up for sale in 2019.
When the resort changed hands in 2003, it was part of the Ritz-Carlton brand. After purchasing the resort for $67.5 million, the Lewis family invested more than $100 million in the property.
In 2013, the hotel was renamed Eau, which means “water” in French and is the name of the hotel’s award-winning spa. Eau also joined the reservation system of Preferred Hotels Group, a group of upscale boutique hotels around the world.
The property’s origins date back to the La Coquille Club, a popular beach club and high society hangout. In the late 1970s, the late mall magnate Melvin Simon and his wife Bren took over the property, demolished the club and built the Ritz-Carlton Palm Beach, which opened in the early 1990s.
Ellison, Lewis and Nardi could not be reached for comment by the Palm Beach Daily News.
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This is a developing story. Check back later for updates.
Previous reporting by Palm Beach Post writer Alexandra Clough contributed to this story.
Darrell Hofheinz is a journalist with the USA TODAY Network of Florida who writes about Palm Beach real estate in his weekly column, “Beyond the Hedges.” He welcomes tips on island real estate news. Email [email protected], call 561-820-3831 or tweet @PBDN_Hofheinz.
