I disagree with the thoughts of most on the "comp" angle, at least until we know more about how and why it was comped. I've seen a lot of comments online implying that he should have insisted on better pricing instead of the comp or something like that. Perhaps that would have been possible, but I really doubt that's how this worked. More likely is the deal was negotiated a long time ago, likely without him having anything more than superficial involvement, and he didn't even know it was comped. Then, at some point, they're handling his arrangements and someone notes that they comped a suite, so who's it going to go to? Would you want to be the travel arranger or whoever who gives it to some lower executive and not (King) Larry? I wouldn't. So the underlings handle this stuff, someone tells him he's going to the suite, and he doesn't think more about it.
Some are saying he should refuse it to try to get better pricing or something. Again, I just don't think that's how it works. Just take a step back and think about it. The deal's done and has been for a long time. He can refuse the suite but it won't get a better deal for the conference.
Now, of course, maybe he (or someone at his explicit or implicit direction) actually negotiated for this as part of the deal and it really was in lieu of the conference getting a better deal. If so, he's an even bigger douche than I had thought. I doubt that's the case, though, as much as I think he's terrible and needs to go for various other transgressions.
