The Aussie pub sale record has been smashed by Moelis Australia with the purchase of the iconic Byron Bay Beach Hotel for just over $100 million.
Former television personality John Cornell developed the hotel in the 1990s and sold it to Impact Investment Group, a consortium backed by Melbourne’s Liberman family, for $70 million in 2017.
The pub was sold through JLL’s hotels and hospitality national director John Musca and supported by JLL boutique accommodation specialist Tom Gibson and Queensland vice-president Tom Gleeson.
Musca said: “This was the first time in decades that a buyer had the chance to secure both the hotel business, and this iconic property in a stunning location.”
The campaign drew more than 100 enquiries from domestic and international parties. Four bidders were shortlisted following the conclusion of the campaign last week.
Moelis Australia Hotel group and the Redcape Hotel group chief executive Dan Brady said the company intended to retain the majority of the existing management operations and venue staff.
“The Beach Hotel Byron Bay is an iconic Australian establishment located on irreplaceable real estate,” Brady said.
“The acquisition of both freehold and operating interests will enable the required capital investment to further enhance what has made the hotel iconic – that is, a great community gathering place with a fun, sociable, friendly and safe hospitality offering delivered by an engaged and passionate team of local hospitality professionals.”
Brady said “music will remain an integral part of the pub”.
“We will talk to the locals as we know we have a big responsibility in keeping with the Bryon vibe,” he concluded.