Astonishing price for iconic Byron pub
The famous Beach Hotel in Byron Bay is on the verge of being sold for the second time in two years.
Moelis Australia announced this morning it had signed an exclusive agreement to buy the Beach Hotel including the real estate and business from Impact Investment Group for $100 million.
The deal, to be finalised in the coming weeks, remains subject to exchange of purchase and sale agreements.
In an ASX statement Moelis Australia Hotel Management CEO Dan Brady said the hotel is an "iconic Australian establishment".
"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 veterans," he said.
The hotel, situated on a 4585sq m block at 1 Bay St, was developed by Paul Hogan's business partner, John Cornell more than 30 years ago, mainly from the proceeds of their film Crocodile Dundee.
Impact bought the freehold to the property for $70 million off keen race car driver Max Twigg in 2017.