Oracle Corp. CEO Larry Ellison has acquired the 10-room Hotel Lanai from Lanai Hospitality Partners for an undisclosed amount. The hotel is managed by Aqua Hospitality and includes a 90-seat restaurant.
The seller told the Honolulu Star-Advertiser that they had been looking for a buyer for the hotel since late last year.
“We loved our little business, but it just became so hard to survive,” owner Mary Charles said. “Hotel occupancy for us was great, and in the 90-percent range, but the restaurant business, which is dependent upon the tourism trade, suffered.”
The acquisiiton is just another feather in Ellison's cap: he already owns the island. He also owns the Four Seasons Resort Lanai at Manele Bay.
Charles said she had put Hotel Lanai on the market back in November and originally wanted Ellison’s Pulama Lanai company to buy the property.
“They didn’t want it at that time,” she said. “So then I found an interested buyer on Maui, but then [Pulama Lanai] wanted it back in its hands.”
Built in 1923 by James Dole, who developed the pineapple industry in Hawaii, Hotel Lanai was the first and only hotel on the island until 1990.