Byron's iconic Beach Hotel to change hands for $100 million
Written on the 18 November 2019 by Paris Faint
Anyone who has ever set foot in Byron Bay will know the Beach Hotel.
The iconic venue is known far and wide as 'that pub at the top of the hill' and has been the crown jewel of Bay Street for more than a quarter century.
Moelis Australia (ASX: MOE) has announced its intention to snap up the popular watering hole for a little over $100 million, adding to a portfolio that includes a further 32 community venues and a total of $4.6 billion in assets under management.
This morning, Moelis entered into an exclusivity agreement to acquire both the real estate freehold and operating business of the Beach Hotel.
Moelis Hotel Management CEO Dan Brady says the acquisition is a coup for his company and, following the sale, most of the existing management and venue staff will remain on the payroll.
"The Beach Hotel Byron Bay is an iconic Australian establishment located on irreplaceable real estate," says Brady.
"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 engage and passionate team of local hospitality professionals."
The buyout of the Beach Hotel is the second significant movement by Moelis in as many weeks, after it announced a 50 per cent acquisition of Westfield Marion.
The deal, when finalised, will become South Australia's largest ever retail transaction with Moelis buying half the property from Lendlease for a whopping $670 million.
The centre is the 11th largest shopping centre in Australia and the largest in South Australia, with a net lettable area of 136,851 sqm and annual turnover of $846 million.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Paris Faint