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Larry Ellison drops $71.6M on a Downton Palo Alto Hotel

It's tempting to headline this story: Larry Ellison has an expensive Epiphany. That's because the Silicon Valley Business Journal is reporting that the billionaire has just acquired the 86-room Epiphany Hotel for $71.6M. The building is just one block from University Avenue (the high street of Palo Alto's booming downtown district) and five blocks from the Stanford University campus.

According to the SBJ's exclusive report, the price for the recently-opened hotel could be record-setting for Silicon Valley. Ellison (best known for being the co-founder of Oracle) is no stranger to luxury properties; he has purchased the majority of the Hawaiian island of Lanai and a hotel in Malibu. The hotel was previously owned by San Francisco's Joie de Vivre Hospitality.
· Exclusive: Larry Ellison buys swanky Palo Alto hotel for steep price [Silicon Valley Business Journal]