Oracle co-founder Larry Ellison bought another resort on the north shore of Lake Tahoe, paying $ 345 million for the Hyatt Regency Lake Tahoe hotel.
The hotel is located in the village of Incline, a few miles from the state resort of Kal Neva, also owned by Allison.
According to Washoe County’s property registries, the deal last month covered 16 acres of Hyatt’s main property and an adjacent 8.5-acre lakeside property that now houses cottages and a restaurant.
The Hyatt has 422 rooms, including 24 cottages and a 12-story hotel tower.
Ellison, who spends most of his time on the Hawaiian island of Lanai, owns a home in Incline Village. Facebook’s Mark Zuckerberg spent $ 59 million in 2019 on two neighboring properties near Tahoe City, on the western shore of the lake.
In 2017, Allison paid $ 35.8 million to buy out Cal Neva due to bankruptcy. The old school lodge, once owned by Frank Sinatra, has been closed since 2013. In 2019, the Hollywood Reporter announced that Ellison’s group plans to reopen it as part of the Nobu Hospitality Group, which operates Allison’s Nobu ryokan in Malibu. …
In another recent North Shore hotel deal, the California-based company paid $ 56.8 million last month for the Tahoe Biltmore, a 75-year-old casino resort hotel near the California-Nevada line.