The Great Northern Hotel in the heart of Byron Bay has been snapped up by two Melbourne businessmen for what is reported to be about $80 million, one of the biggest hotel sales so far in 2021.
Long-time owners the Mooney family offloaded the landmark pub and adjoining 51-room hotel after receiving a steady stream of unsolicited offers from publicans and wealthy families from around the country, drawn to the booming tourist town on the NSW far-north coast.
The 2000-square-metre property is on one of the main streets of Byron, only several blocks back from the beach. The pub features a large band room, 20 accommodation rooms on the first floor, a restaurant, bars and drive-through bottle shop, while the next-door 51-room hotel was developed by the Mooneys in 2009.
The pub’s new owners are Scott Didier, founder and chief executive of ASX-listed Johns Lyng Group, and Scott Emery, founder of online lender MoneyMe. Mr Didier’s family has acquired the 51-room Lateen Lane Hotel, with his daughter Casey, who lives in Byron with her family, set to run the day-to-day operations.
He also owns the luxury Beach Suites in Byron Bay, as well as the East Brunswick Hotel, in Melbourne.
“Scott and I are just so delighted to be the new custodians of the Northern and to have the privileged opportunity to engage with the local community in the next incarnation of this very special pub,” said Mr Didier. “And, my family are so excited about the Lateen Lane Hotel and what we can create there.”
The off-market sale was handled by JLL Hotel’s John Musca and Ben McDonald, with their colleague Andrew Langsford. They declined to disclose the sale price, but the Australian Financial Review says that according to Byron Bay locals the price is close to $80 million.
‘“Whilst this sale represents the biggest pub transaction of 2021, we believe that the Byron Bay story has a long way to run,” said JLL Hotels senior vice-president Ben McDonald.
The Australian pub market has been on fire in 2021, with notable transactions so far including Justin Hemmes’ Merival group buying its first pub outside NSW, the Lorne Hotel, for $38 million, former Wallaby Bill Young purchasing the Royal Hotel, in Ryde, in north-western Sydney, for $37 million, and Sam Arnout’s Iris Capital snapping up the Ivanhoe Hotel, on the Corso in Manly, on Sydney’s northern beaches, for a reported $57 million.