The Hyatt Regency Lake Tahoe Resort, Spa and Casino.
HyattOracle founder and tech billionaire Larry Ellison has an extensive real estate portfolio, ranging from 98% of the Hawaiian island of Lanai to a Pacific Heights mansion in San Francisco. The world’s sixth-wealthiest person has now added a new property to his holdings: the Hyatt Regency Lake Tahoe Resort, Spa and Casino, reports the Tahoe Daily Tribune.
The expansive waterfront resort is located in Incline Village and comprises 422 rooms, including 24 private cottages and 35 luxury suites. There are also seven dining options, including the floating Pier 111 bar situated on the lake. The property also includes the Grand Lodge Casino and the Stillwater Spa and Salon, and the resort’s private beaches on Lake Tahoe, which are accessible to guests.
Documents from the Washoe County Recorder’s Office show that Ellison made the purchase through his investment arm, Lawrence Investments, which is headquartered in Walnut Creek.
The $345 million purchase closed on Sept. 3.
Elsewhere in Tahoe, Ellison also owns the Cal Neva Resort and Casino, a lodge that straddles the California and Nevada borders in Crystal Bay. In its heyday, under the ownership of Rat Pack singers Frank Sinatra and Dean Martin, it was a magnet for celebrities, and notoriously, the place where Marilyn Monroe spent her last weekend.
Ellison was the sole bidder when he purchased the property for $35.8 million in 2018. While plans were in the works to reopen the property as the next Nobu Hotel, the Cal Neva remains closed.
For now, the Hyatt Regency Lake Tahoe will continue to operate as normal. “We want to reassure our colleagues, guests, customers and community that Hyatt will continue to manage Hyatt Regency Lake Tahoe under the Hyatt Regency brand under a long-term management agreement,” a Hyatt spokesperson told the Tribune, “and there will be no business disruption with this transfer of ownership at this time.”
