Harvey Norman divests interest in The Byron at Byron Resort
Written on the 12 August 2019 by Business News Australia
Harvey Norman (ASX: HVN) and its founder Gerry Harvey have sold their stake in The Byron at Byron Resort for $41.7 million.
The luxury hotel has been acquired by Syrian entrepreneur and billionaire Ghassan Aboud.
Harvey established the hotel in 2005 in partnership with his listed retail business Harvey Norman.
The resort is highly lauded in Australia and was recently placed in the top 10 resorts in Australasia and the South Pacific by Condé Nast Traveler.
Norman's resort was built on 45 acres of rainforest just minutes from Byron Bay itself.
As reported by The Sydney Morning Herald, this is the fourth Australian luxury hotel purchase for Syria's Aboud.
Aboud now owns hotels in Cairns, Port Douglas and Surry Hills in addition to The Byron at Byron.
He is mostly known for being the founder of the Ghassan Aboud Group, a mutlinational conglomerate operating businesses in the entertainment, media, retail, catering, hospitality, real estate, and logistics sectors.
Aboud has developed quite a reputation as an entrepreneur, having been named in the Top 50 Most Influential Expats in the UAE by Forbes Middle East.
Business News Australia
Author: Business News Australia