Byron Bay's Vali Hotel has been sold following a highly competitive campaign with a price guide of $30 million, bolstering the region's reputation as a highly sought-after accommodation market. The transaction was negotiated by Andrew Langsford, Gareth Closter, and Taylor O'Brien of JLL Hotels & Hospitality Group.

JLL Hotels facilitated the transaction on behalf of Scott Didier, the founder and CEO of ASX-listed Johns Lyng Group (ASX:JLG). Mr. Didier had acquired Vali in 2021 through JLL Hotels & Hospitality Group and oversaw significant renovations.

Reflecting on the transaction, Andrew Langsford, Senior Vice President at JLL Hotels & Hospitality Group, noted the significant interest it attracted from local, domestic, and offshore investors. The scarcity of scalable assets in the tightly held Byron Bay Market made this opportunity particularly enticing.

“Byron Bay is an incredibly unique market with extremely strong demand fundamentals and limited large-scale hotel and accommodation offerings,” said Mr Langsford.  “The majority of hotel investors and operators are interested in having a presence in the region which was reflected in the Vali Byron Bay sale process” he continued.

Interestingly, the sale aligns with recent changes in Byron Shire Council's regulations for short-term rental accommodations. Starting in September, the council is imposing a 60-day cap on residential properties, which is expected to redirect visitors towards hotels, motels, and traditional forms of accommodation.

Gareth Closter, Senior Vice President at JLL Hotels & Hospitality Group, commented “This huge regulatory change will provide an exciting opportunity for improved trading performance for existing operators. Especially in an accommodation market like Byron Bay which has such a strong presence of “holiday rental” operators such as Airbnb” he said.

Vali Byron Bay stands out with its Palm Springs and California coastal aesthetic, offering 52 guest rooms it’s one of the largest hotels in the town centre. Byron Bay continues to witness the rise of upscale boutique offerings, such as the recently opened Marvell Hotel and Swell Hotel Byron Bay. Another new establishment, Basq House, is slated to open later this year.

This deal adds to JLL's impressive track record in coastal assets, with several other major transactions recently completed including Angourie Resort & Spa Yamba and Mercure Kawana Waters on the Sunshine Coast. Further sales are expected to be announced in the coming weeks.

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