Billionaire now owns all of Lanai's hotel rooms

LANAI CITY, Hawaii (AP) -- Billionaire Larry Ellison has purchased the historic Hotel Lanai.

The Honolulu Star-Advertiser (http://ow.ly/zQLTQ ) reports the deal that closed last month now makes Ellison the owner of every hotel room on the island.

Mary Charles' business owned and operated the hotel in Lanai City since 2007. She tells the Maui News (http://ow.ly/zQLW5 ) that she believes most of the 28 hotel staffers remain employed at the 10-room hotel.

Ellison's company Pulama Lanai confirmed the deal but declined further comment. The sale price is undisclosed.

The Oracle Corp. CEO purchased 98 percent of Lanai in 2012, including the two other hotels on the island.

Hotel Lanai is less expensive than the two upscale resorts. Hotel Lanai was built in 1923 for Dole Plantation executives.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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