The snap $41.7m purchase of retail billionaire Gerry Harvey’s prized Byron at Byron resort on the NSW North Coast has further bolstered the Australian hospitality holdings of Syrian billionaire Ghassan Aboud.

The Byron at Byron will commence trading under Crystalbrook Collection later this year with further details to follow in the coming months.

The sale was handled by CBRE Hotels’ National Director Wayne Bunz.

“We are very proud to have handled the sale on behalf of Harvey Norman to Ghassan Aboud’s Crystalbrook Collection. We have worked with this group since they entered Australia, with their very first acquisition of the Tradewinds Cairns, followed by all of their development sites in Cairns, the Little Albion Guest House Sydney and now the Byron at Byron” Mr Bunz said.

The sale of the resort, which was jointly owned by Mr Harvey and a Harvey Norman Holdings subsidiary, ends an era for the retailer who pioneered the development of the resort and spa in 2005.

Mr Harvey has previously told The Weekend Australian the resort was a trophy asset like the Magic Millions, adding that he also considered some of his New Zealand horse farms prized pieces of his real estate empire.

The resort, set amid 18ha of subtropical rainforest just outside the NSW north coast town of Byron Bay, was listed for sale in May. There had been several off-market approaches to buy it, made by a number of high-profile individuals.

The luxury beachfront resort, frequently named in the top 10 best luxury resorts in Australia, is nestled in a 45-acre subtropical rainforest, just a short drive from the iconic town of Byron Bay in New South Wales. Featuring 92 stylish suites, an infinity pool, day spa, tennis court and one-hatted restaurant, Byron at Byron provides guests with all the creature comforts they desire in an idyllic Australian destination.

Dubai-based Syrian entrepreneur Mr Aboud initially made his money in the automotive and logistics industries. To date he has concentrated on investing in Queensland and has so far ploughed at least $100m into Australia’s resort market, developing and opening two luxury resort hotels in Cairns. A third opulent hotel dubbed ‘Flynn’ is set to open in the North Queensland town next year.

The acquisition of Byron at Byron brings Crystalbrook Collection’s portfolio to over 1,100 rooms in operation or under development across seven properties in New South Wales and Queensland.

Other properties owned by Mr Aboud include The Crystalbrook Lodge and Crystalbrook Station. They were acquired from Port Douglas businessman John Morris in early 2017 and include a 34,000ha cattle station.

About 220km west of Cairns, the Crystalbrook Lodge features five suites and charges $1800 per room per night, all inclusive.

In his first move down the eastern seaboard, Mr Aboud paid an aggressive $30m to buy the 35-room Little Albion Guest House in Sydney’s Surry Hills last year. Several industry commentators said the price paid was extremely bullish.

Crystalbrook Collection owner, Ghassan Aboud commented: “This is a momentous day for the Group. We are thrilled to be introducing The Byron at Byron to the Crystalbrook Collection, providing the opportunity of an outstanding leisure experience for our global customers. The acquisition of this fantastic asset signifies our continued quest for growth in Australia and the region.”

Crystalbrook Collection Acting CEO and Group Director, Hotels, Geoff York says: “Byron at Byron fits seamlessly with our existing personality-driven hotels and resorts. Its environmental stance, connection to its exquisite location and local creativity, authentic style and passion for wellness is an excellent fit.”

Crystalbrook Collection’s stated investment plans are to the tune of $1 billion in Australia. The Group’s tourism and hospitality enterprises will now operate in Cairns, Sydney, Byron Bay, Newcastle, Port Douglas and Crystalbrook.

This was a Feature Property booking.

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