September 15, 2015
Oracle Corp. founder Larry Ellison’s investment firm has bought the upscale Epiphany Hotel in downtown Palo Alto for $71.6 million. The purchase price equates to a staggering $832,500 per room.
The 86-room, eight-story Epiphany Hotel, previously owned by investment firm Angelo Gordon, opened last year. It was a former apartment complex renovated by hotel operator Joie de Vivre Hotels, which will continue to manage the property.
Ellison’s affiliate that purchased the Epiphany Hotel is Lawrence Investments, which has also purchased property in Malibu. Eastdil Secured reportedly arranged the transaction.