Oracle co-founder Larry Ellison recently purchased the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village. Incline Hotel LLC, a branch of Lawrence Investments, Ellison’s investment firm, acquired the lakeside resort for $345 million, according to the Washoe County Recorder’s Office. “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, and there will be no business disruption with this transfer of ownership at this time,” a Hyatt spokesperson told the Tahoe Daily Tribune. The sale was finalized Sept. 3. According to county records, the deal includes the 16-acre main Hyatt property at 111 Country Club Drive, as well as an adjacent 8.5-acre parcel on the lake’s shore that contains 24 cottages and the Lone Eagle Grille restaurant. The 12-story resort features 422 guest rooms, including 35 suites, restaurants and meeting areas, among other amenities.
In addition to access to Incline Village beaches, the resort offers guests several recreational activities, including Camp Hyatt supervised day care and sessions for ages 5 to 12 (seasonal); the Grand Lodge Casino with 16 table games and over 250 slot machines; and the 20,000-square-foot Stillwater Spa and Salon, which features 16 treatment rooms and two couples’ private massage suites.
“The sale of Hyatt Regency Lake Tahoe is part of Hyatt’s asset-sale strategy to transform toward a more fee-based earnings mix, fund Hyatt’s continued growth in key markets where our guests are traveling, and fuel new lines of business that strengthen opportunities to care for guests in more ways and more places,” the Hyatt spokesperson said. It marks the second North Lake Tahoe resort to be acquired in recent years by the billionaire; in 2018, Ellison, through Lawrence Investments, acquired the Cal Neva Resort & Casino in nearby Crystal Bay for $35.8 million. According to past reports, Ellison plans to restore the historic Cal Neva property — which straddles the California-Nevada state line and was once owned by Frank Sinatra — and establish a five-star resort.