Byron Bay's Beach Hotel sold for $140m
'The Beachie' has been bought by Scott Didier, Group CEO of construction firm Johns Lyng Group.
The $140m price tag is the second highest price paid for a pub in Australia, behind The Crossroads Hotel in Casula in Sydney's southwest which changed hands for $160m in 2022.
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MA Financial Group's Redcape Hospitality confirmed the sale late Wednesday.
'The Beach Hotel is a special place, and the team has thoroughly enjoyed being a part of its history' said Chris Unger, Managing Director, Redcape Hospitality.
'The sale not only delivers a strong result but also marks an exciting new chapter for the Beach Hotel and we are sure it will continue to thrive as a beloved part of the Byron Bay landscape under the guidance of the Didier family.'
The sale was brokered by John Musca of JLL.
The sale of The Beach Hotel has come amid increased new competition for drinking holes across NSW.
Originally a family pub run by Sale of the Century hostess Delvene Delaney and her producer husband – and best mate to Paul Hogan, John 'Strop' Cornell – The Beach Hotel in Byron
was the first Aussie pub to sell for $100m, when it last traded in 2019.
RELATED: How family business became billion dollar pub empire
Records then revealed that global investment firm MA Financial Group had entered into an exclusivity agreement to purchase the 4585sq m property that Delaney and Cornell, who produced and co-wrote the international blockbuster Crocodile Dundee, spent about $9 million building up in the 1990s.
The pub has since been managed by Redcape.
At the time of the 2019 sale, Dan Brady, CEO of MA Financial Group, described the almost waterfront hotel as an 'iconic Australian establishment located on irreplaceable real estate.'
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'The acquisition of both freehold and operating interests will enable the required capital investment to further enhance what has made the hotel iconic – that is, a great community gathering place with a fun, sociable, friendly and safe hospitality offering delivered by an engage and passionate team of local hospitality professionals,' Mr Brady. said.
The Oaks Hotel in Neutral Bay on Sydney's North Shore was believed to have been sold for $175m in 2022, before the sale fell through and long-time owners The Thomas family decided to keep running it.
Former Sydney Lord Mayor Nelson Meers and his family were revealed as the buyers who paid top dollar for The Crossroads.
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