A company owned by billionaire Larry Ellison bought the historic Hotel Lana’i this month for an undisclosed price, according to the hotel’s former owner.

Lana’i Resorts, now known as Pulama Lana’i, closed the deal July 7, said Mary Charles of Lanai Hospitality Partners LLC on Thursday. Her business had owned and operated the hotel in the heart of town since 2007.

Charles said a management transition will be ongoing for about two months.

Ellison bought 98 percent of Lanai in 2012. He also owns the only other two hotels on the island, The Lodge at Koele and the Manele Bay Hotel. They are operated by Four Seasons hotels and resorts and are upscale and more pricey than the intimate Hotel Lana’i.

While Charles said she was not involved in the day-to-day operations of Hotel Lana’i, she believes that most of the 28 hotel staffers remain employed at the 10-room hotel.

Pulama Lana’i officials confirmed the deal Thursday but declined further comment.

Charles said the hotel restaurant and shop remain open. According to the hotel’s website, the restaurant is Lanai City Grille and the store is called Opal’s, a boutique gallery featuring gifts including locally made artwork and jewelry.

Lanai Hospitality Partners was looking to sell the hotel since late last year.

“Doing business on Lanai was hard on a good day,” Charles said.

She agreed that competing against the other hotels and the changes taking place under Ellison’s leadership affected business.

“It was time for us to move on,” she said Thursday afternoon. “We are looking for new adventures.”

Charles and her family will still maintain a business presence on Lanai. Her family owns and will continue to operate Hike Lana’i and Lanai Hospitality Planners, a logistics company for group activities.

Charles said it “makes sense” that Hotel Lana’i is in the hands of Pulama Lana’i.

But she added: “It was really bittersweet for us.”

Charles, her husband, Tom Kiely, and nephew Michael Charles bought the hotel seven years ago. They closed the hotel for about a month for renovations.

The hotel was built in 1923 by James Dole to house Dole Plantation executives. It was the first and only hotel on Lanai until 1990, according to the hotel’s website.

Its veranda overlooks the town, and it has a porch for residents and visitors to talk story.

Currently, the hotel rooms range from around $150 to $230 per night, less expensive than the two resort hotels on Lanai.

Ellison, chief executive officer of Oracle Corp., an enterprise software company, has proposed plans for a retreat resort located on Lanai’s isolated windward shoreline where the old Club Lanai was located.

* Melissa Tanji can be reached at mtanji@mauinews.com.