Oracle Co-Founder Larry Ellison has purchased the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village.

Incline Hotel LLC, a branch of Lawrence Investments, Ellison’s investment firm, purchased the lakeside resort for $345 million, according to the Washoe County Recorder’s Office.

“We want to reassure our colleagues, guests, customers and community that Hyatt will continue to manage Hyatt Regency Lake Tahoe under the Hyatt Regency brand under a long-term management agreement, and there will be no business disruption with this transfer of ownership at this time,” a Hyatt spokesperson told the Tribune. The sale, recorded in Washoe County, was finalized on Sept. 3.