Byron Bay's The Bower hotel on the market for $20m
Byron Bay’s newest luxury boutique hotel, The Bower, will soon come to market with price expectations understood to be around $20 million.
The former motel at 28 Bangalow Road, which opened last year following an extensive New York-inspired makeover, is jointly owned by local hotelier Sein Lowry and Byron Bay emergency physician Dr Blake Eddington.
Mr Lowry and his wife, Talia, operate The Bower as part of their Byron Beach Abodes business, which specialises in upmarket accommodation in the well-known resort town in northern NSW.
The offering of The Bower follows a number of big hotel sales in Byron Bay in 2019 including The Beach Hotel, which was bought by investment house Moelis Australia for $104 million from the Liberman family-backed Impact Investment and operators the van Haandel family.
Also selling last year was Gerry Harvey’s Byron at Byron Resort, which was bought by Syrian billionaire Ghassan Aboud’s Crystalbrook Collection Resorts for $42 million.
Standing on almost half a hectare, The Bower offers accommodation in barns, cottages, hotel rooms and suites. It also includes an award-winning circular swimming pool surrounded by overhanging palm trees and lush foliage.
The Bower’s design and name took its inspiration from the boutique hotels in the historic Bowery neighbourhood of Manhattan.
The former 1970s motel was acquired in 2015 for $3.7 million by the Lowrys, Dr Eddington and local couple Sarah and Kushi Noruzi.
In 2016 the Noruzis sold their half-share in the motel to the Lowrys and Dr Eddington for $1.8 million, property records show.
CBRE Hotels’ Wayne Bunz and Hayley Manvell have been appointed to bring Bower Byron Bay to market, with a sales campaign to start in February 2020.
“The Bower Byron Bay is a destination that has fast made a name for its relaxed ‘New York meets barefoot Byron’ decor and ambience,” Mr Bunz said.
“It has become one of Australia’s hottest hotels, widely praised by fashion and lifestyle magazines including Vogue, Conde Nast and Gourmet Traveller.
“Byron Bay is popular among domestic and international guests, and this site is just minutes from local shops and cafes, and within walking distance of famous beaches.”
Ms Manvell said the strength of buyer interest highlighted the local and offshore demand for luxury-boutique hotel offerings and underpinned the owners’ decision to list Bower Byron Bay for sale.
“Byron Bay is now recognised as a global destination, and we are very confident that we will attract interest from high net worth individuals not only from Australia, but globally,” Ms Manvell said.
