A group controlled by software tycoon Larry Ellison paid the equivalent of nearly $1 million per room for a boutique hotel in downtown Palo Alto.
PA Hotel Holdings paid $71.6 million for the 86-room Epiphany Hotel. That purchase was for the hotel structure and a ground lease. The deal was first reported in the Silicon Valley Business Journal.
The grant deed for the property sale, which closed Thursday, shows that the controlling entity behind the purchase was Lawrence Investments. In February 2009, according to a filing with the Securities and Exchange Commission, Ellison, the long-term chief executive of software giant Oracle, was listed as the principal executive of companies called Mollusk Holdings, Cephalopod and Lawrence Investments, all based in Walnut Creek.
Tech multibillionaire Ellison, co-founder of Redwood City-based Oracle, is no stranger to high-profile real estate purchases. In 2012, Ellison paid $300 million for about 98 percent of the Hawaiian island of Lanai. In 2013, to improve access to Lanai, Ellison bought Island Air.