A ‘leading hospitality operator and investment manager’ has bought both the real estate and operation of the Byron Beach Hotel for $104m.
The new owner is Moelis Australia Hotel Management, a subsidiary of Moelis Australia (MAHM), manager of the ASX 300 listed Redcape Hotel Group (ASX listing: RDC).
MAHM CEO Dan Brady told The Echo that part of their business model is ownership of both the business and land, with a focus on the community. ‘Pubs need their community,’ he said.
‘The Beach Hotel is a much-loved local institution and we are privileged to be its new custodians.
‘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’.
He says management will invest considerable time getting to know the team, community and guests, as well as the 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, owing to the split ownership structure.
‘We are well capitalised to give the property this required investment, and further 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,’ says Brady.
Brady added that the venue will ‘continue to trade as normal, under the new management, maintaining its diverse live music schedule, with operational improvements and urgent maintenance implemented as soon as possible’.
van Haandels say thanks
The van Haandel family, who have operated at the Beach Hotel for the past 13 years, provided a statement to The Echo:
‘We have created strong bonds in the local community, particularly with our incredible team of staff, and we want to thank locals, supply partners, friends and our cherished team, past and present, for all their hard work, dedication and support.
‘The Beachy is an extraordinary place and such an important asset to the town of Byron Bay. We are proud of what we have achieved within our time operating the Beachy. We are excited to see what can be achieved from the common ownership model through investment in the building.
‘We look forward to the new ownership continuing to grow the Beach Hotel operation as industry leaders in sustainability through our ground breaking waste program.
‘We hope our social responsibility – through our pokie machine removal – and our strong community support are legacies that will be continued. All the while, continuing to offer a great family friendly environment and epic live music venue to a town which is now firmly placed on the international tourist “to do” list when visiting Australia’.