Rich Lister Arthur Laundy and his family have joined the spending bonanza in the hospitality sector after agreeing to pay about $150 million to acquire full ownership of five trophy pubs that they had previously owned jointly with long-term business partner Fraser Short.

The hotels are the Watsons Bay Boutique Hotel in Sydney’s Eastern Suburb, Northies at Cronulla, Park House Mona Vale in Sydney’s Northern Beaches and the Lennox Head Hotel and Illawong Hotel on the NSW north coast. Also included in the deal is The Farm, a 32ha working farm and hospitality venue near Byron Bay.