Incline Village lakeside resort sells for $345 million
Special to the Sierra Sun
Oracle Co-Founder Larry Ellison has 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, purchased 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 Tribune.
The sale, recorded in Washoe County, was finalized on Sept. 3.
The resort features 422 guestrooms, including 190 rooms with queen-sized beds, 12 accessible rooms, and 24 lakeside cottages with fireplaces.
In addition to access to the private 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 complete with 16 table games and over 250 slot machines and the 20,000-square-foot Stillwater Spa and Salon which features a total of 16 treatment rooms and two couples’ private massage suites.
It also offers ski/snowboard and bike rentals.
“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,” said the Hyatt spokesperson.
Laney Griffo is a staff writer for the Tahoe Daily Tribune, a sister publication of the Sierra Sun
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