Friday, September 30, 2016

Oracle Purchases Marriott Hotel in San Mateo (ORCL)

From Curbed, San Francisco:
Well, this is a strange one, isn’t it?
Billed as being “part of Oracle’s expansion into the hospitality business,” the Redwood City software company closed a major deal this Wednesday with the massive San Mateo Marriott near SFO.
Larry Ellison’s corporation bought the 476-suite hotel for a sweet $132 million. Ellison himself personally owns several hotel properties around the world—the Four Seasons Resort in Hawaii and the Epiphany Hotel in Palo Alto—but this is the first hotel purchase for his company.

The Marriott will still operate as usual, even as it undergoes a renovation. As to exactly why the company bought a seemingly nondescript hotel next to an airport, San Francisco Chronicle has more:
“We were finding it more and more difficult to find space to conduct our training,” said Mike Bangs, Oracle’s vice president for headquarters real estate and facilities.
“We generally hire college graduates and train them for two to three weeks,” up to 300 people at a time, two or three times per year, Bangs said. The company likes to house them near its headquarters, which is about 4 miles away. It also will use the hotel for other company events....

I think Larry's yacht is bigger:

And at $200 $130 million it is definitely more less expensive
(my mistake, he sold the bigger boat to David Geffen, memory's obviously going to hell)