Byron’s iconic Beach Hotel is back on the market less than two years after it was last sold.
The Melbourne based Impact Investment Group which bought the 4,585sqm property in late 2017 has announced it is ready to sell it on and is hoping to reap in excess of $100m.
The long-time operators of the Hotel, John and Lisa van Haandel, are also moving on, marking the end of their 12-year stewardship.
‘There’s no place on earth like Byron Bay and we’ve been privileged enough to own one of the very best businesses in this spiritual, eclectic and internationally recognised township for over 10 years,’ John van Haandel said.
General Manager and daughter Elke van Haandel said the family supported the community and was ‘excited to bring our vision for the evolution of the Beachie to new owners, with so much scope for business growth’.
According to the agents responsible for the sale, JLL Hotels & Hospitality Group, the Impact Investment Group’s decision to sell was driven by record low interest rates and a number of ‘unsolicited approaches’.
JLL said national and international expressions of interest would be sought with the process likely to start in October and conclude in November.
In spruiking the sale, JLL lauded the ‘unprecedented growth’ experienced in the Shire thanks to the: ‘Byron Bay Bypass, the anticipated new West Byron residential and industrial estates, the recent opening of the Mercado [sic] On Byron shopping centre and… aproposed new 140-room boutique hotel on Johnson [sic] Street’.
The sale of the Beachy bringing in to question whether the new owners will continue to run a poker machine-free establishment.
The Impact Investment Group sold off their 15 poker machines soon after taking over.
The Echo understands that this decision made a significant dent in the Hotel’s revenue stream.