Larry Ellison closed nearly all of the hotels on his Hawaiian island — and the unemployment rate doubled

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Oracle billionaire Larry Ellison has already made plenty of changes on Lanai, the Hawaiian island he purchased 98% of in 2012.

Some of those changes have been significantly more harmful than others.

In June, he shut down both of the island’s main hotels — the 201-room Four Seasons Resort Lanai at Manele Bay and the 102-room Four Seasons Resort Lanai the Lodge at Koele — for an extensive renovation process.

The newly renamed Four Seasons Resort Lanai (formerly the Four Seasons Resort Lanai at Manele Bay) just started taking reservations for early 2016 and is scheduled to officially reopen in February.

With both of the main resorts closed, however, 97% of the island’s hotel rooms have been unavailable to tourists for the last few months. And for an island whose economy depends on tourism, that’s a big deal.

Read the full story at Business Insider, by Adeline Stone

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