Huge Byron Bay Hotel Deal
In yet another watershed moment for the sought-after lifestyle mecca of Byron Bay, long-time private locals, the Mooney family have crystalised the biggest hotel sale of 2021 selling the landmark Great Northern Hotel and adjacent 51 room Lateen Lane Hotel in an ‘invitation only’ off-market sale process managed exclusively by JLL Hotels & Hospitality Group.
Fielding countless, unsolicited approaches from a star-studded line up of the country’s biggest and best hotel operators and high net worth individuals, JLL Hotels were exclusively appointed to facilitate the transaction on behalf of the Mooney family with Sydney based pub specialists John Musca and Ben McDonald, teaming up with hotel investment sales professional Andrew Langsford to steer the campaign.
Having owned and operated ‘The Northern’ for close to three decades, the Mooney family have watched first hand Byron Bay’s irrepressible rise to popularity on a global stage, witnessing the coastal township transform into the one of the most coveted lifestyle, tourism and investment destinations in the country.
Occupying a commanding 2,000sqm corner position on Byron Bay’s prime Jonson Street main retail thoroughfare, ‘The Northern’ boasts large band room, 20 first floor accommodation rooms, restaurant, bars and drive-through bottle shop. Coupled with the neighboring 51 room accommodation hotel, developed by the Mooney’s in 2009, the offer presented as a genuine ‘once in a lifetime’ opportunity at a time when domestic tourism continues to surge.
JLL Hotels Senior Vice President, Ben McDonald highlighted the undeniable strength of the Byron Bay investment narrative being a key selling point given the quality of the assets, current strength of the hotel market and clear opportunity to enhance and optimize the trading footprint.
“Whilst this sale represents the biggest pub transaction of 2021, we believe that the Byron Bay story has a long way to run with the new owners set to take a measured view on improving the exiting offering for the benefit of local residents and the circa four million visitors set to enjoy the pristine location each year.”
The Great Northern’s new owners are long time Byron regulars and family locals Melbourne based duo Scott Didier founder and CEO of ASX listed Johns Lyng Group (ASX:JLG), and Scott Emery founder of online lender MoneyMe (ASX:MME), with Didier’s family solely acquiring 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.
The business associates have a 30-year association with the town including existing hospitality operations Beach Suites, Byron Bay as well as other commercial investments in the area.
When asked about their latest acquisition Mr Didier commented; “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, in such a special place, and my family are so excited about the Lateen Lane Hotel and what we can create there”
JLL Managing Director John Musca stated that “anyone who knows how captivating Byron Bay is and, understands the challenging hotel licensing and approvals environment, will appreciate that the Northern is a truly irreplaceable business and real estate asset, driving the competition that has delivered its generational sale”.
Both assets were sold in an “Invitation-Only Select Tender Process” that produced over 12 bids from qualified approached parties and two shortlisted bidding rounds, with buyer profiles extending from family offices to some of the countries most respected hoteliers and international lifestyle hotel operating groups.
Andrew Langsford, Senior Vice President, JLL Hotels & Hospitality Group noted “Byron Bay has flourished as one of Australia’s eminent lifestyle tourism destinations, and like many other regional Australian leisure locations, it sits high on the priority list for accommodation investors both nationally and internationally. We received a huge amount engagement in this campaign, as we have with similar assets around the country.”
28th June 2021
