In an effort to control more of its destiny on the Peninsula, Redwood Shores-based Oracle Corp. just purchased the 476-room Marriott Hotel in San Mateo for $132 million, or just over $277,310 per room. While the hotel will retain its badge and be open to the public, Oracle will use it for its internal training purposes and other company events when needed. The transaction was first reported by the San Francisco Chronicle.
Oracle’s Vice President for Real Estate and Facilities, Michael Bangs, stated in the report that the tech giant finds it increasingly difficult to find space for training, especially close to its headquarters, which is roughly 4 miles away from the property. It plans to renovate the building, although the timing of that was not disclosed.
The property sale closed last week, and the seller was Newport Beach, CA-based Tarsadia Investments. Oracle’s Hospitality Investment LLC was the buyer. This is Oracle’s first hotel purchase, although Larry Ellison personally owns several hotels, including the Epiphany Hotel in Palo Alto, which Oracle’s chairman purchased a year ago for $71.6 million.
Evolution Hospitality will also stay on to manage the hotel, and for the time being it will continue to do so under the Marriott brand in a long-term franchise agreement.