Moelis completes $100 million takeover of Byron Bay Beach Hotel
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Moelis completes $100 million takeover of Byron Bay Beach Hotel
Moelis Australia has completed its acquisition of the Beach Hotel in Byron Bay after announcing it had entered into an agreement for the property at the end of last year.
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Moelis AustraliaAn aerial view of the Beach Hotel in Bondi.
Byron Bay's iconic Beach Hotel is set to go back to the future under the new owner Moelis Australia.
The financial services company has completed its acquisition of property, uniting the the common ownership of the real estate and operating business for the first time in thirteen years.
It comes after Moelis entered into deal to buy the property for just over $100 million at the end of last year.
Moelis Australia Hotel Management CEO Dan Brady said MAHM was committed to honouring the Beach Hotel’s legacy and celebrating its rich past, whilst still having a robust and strategic vision for its future.
“The Beach Hotel, Byron Bay is a much-loved local institution and we are privileged to be its new custodians," he said.
"We have a clear and exciting vision for the hotel - one that places the local community firmly at its core - and are committed to ensuring that the Beach Hotel continues to enrich the lives of those around it for many years to come.”
Moelis Australia Hotel Management CEO Dan Brady. Source: Moelis Australia
Overlooking the sparkling waters of Byron Bay’s Main Beach, the Beach Hotel has enjoyed rich and colourful past under the management of several owners, including filmmaker and long-time manager of Paul Hogan, John Cornell, who acquired it in 1990.
It has also built up a loyal following during that time, welcoming visitors from all over the globe.
Mr Brady said management would spend time getting to know the team, community and guests, as well as investing funds to implement operational improvements and crucial maintenance and repair work that is required to the base building.
“The base building has not received the required level of investment over the years due to the split ownership structure," he said.
"We are well capitalised to give the property this required future investment to enhance the offer and elevate the experience for customers ensuring this iconic venue once again leads in this great community and on an international level."
"Longer term plans will see the venue undergo a significant revitalisation program, which will include a new design roll out and enhanced operational features."
Click here for more information about what is on at the Beach Hotel.
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