Larry Ellison’s Lanai Resorts received the go-ahead for a new ultra-luxury hotel on the Hawaiian island he bought last year. The Lanai Community Plan Advisory Committee approved the building of a new hotel on the site of the old Club Lanai on the eastern side of the Pineapple Island. The approval is yet another example of the many investments that the Oracle CEO has made since buying the island. Businesses big and small report a substantial uptick in revenues since the sale last June by previous owner David Murdock. Ellison paid an estimated $500 million for 98 percent of the 141-square-mile island. The State of Hawaii and private homeowners own the other 2 percent. Included in the purchase were two Four Seasons Resorts as well as other improvements.

Photo Credit: Wall Street Journal