billionaire Larry Ellison paid $277 million for a luxury oceanfront hotel near Palm Beach, Florida, making it one of the largest hotel sales in South Florida this year, property records show.

Called Eau Palm Beach ResortThe 31,500 square meter property has 310 rooms in 100 South Ocean Boulevard in Manalapan, about two miles south of Palm Beach. The six-story building sits on an eight-acre site.

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According to a press release, Ellison plans to modernize the property.

The purchase also includes a 2.8-acre parking lot that includes a single-story, 25,000-square-foot office building across the Intracoastal Waterway in Lantana. 499 Greynolds Circlesays the document.

According to records, the Lewis family purchased the resort in 2003, 12 years after its completion, for $67.5 million. The family reportedly asked for $300 million for the property.

The transaction came about two years after Ellison bought a 16-acre oceanfront property, also in Manalapan, for $173 million. Ellison, co-founder of the software company oracleis the fifth richest person in the world with a Estimated net worth: $167 billion.

Representatives of the Eau Hotel declined to comment. Ellison could not be reached for comment.

Another step for South Florida’s multi-billion dollar hospitality industry Michael Dell‘S MSD Capital is expected to close on 1 billion dollars for refinancing The Boca Raton Resort & Clubwhich the family office bought for $875 million in 2019.

Julia Echikson can be reached at [email protected].