‘Substantial’ change as popular North Coast venue sells

It’s the first time in many years the building and business will be under the same ownership

NEW owners have taken over at The Beach Hotel in Byron Bay.

Moelis Australia Hotel Management officially acquired the popular venue for the cool price of $104 million on Monday.

Moelis CEO Dan Brady said the sale marked the first time in many years the business and the property itself were under the same ownership.

Both the property and business sales settled simultaneously, Mr Brady said.

"We'll be the only owner and bringing together both the property and the business," Mr Brady said.

 

 

"It's quite substantial. If you think about the fact it's two businesses (previously), you have the owner of the property and the owner of the business, both with different economics, having different constraints and challenges."

He said acquiring both meant they could more readily undergo upgrades on the venue.

"What it allows us to do is think about how we build the business up from the fundamentals," he said.

Early on, they would look to upgrade toilets and other amenities.

"We'll be looking to probably lodge DAs within the current fabric of the hotel," Mr Brady said.

 

 

Mr Brady said most employees, excluding two people who were related to the previous owners, were retained.

"Everyone else was offered jobs; the vast majority of people have accepted," he said.

Mr Brady said live music was "what this hotel's all about" and would remain a key focus.

"The Beach Hotel, Byron Bay is a much-loved local institution and we are privileged to be its new custodians," he said.

"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 said the hotel would ultimately undergo a "significant revitalisation program".

"The base building has not received the required level of investment over the years due to the split ownership structure," he said.

"We are well capitalised to give the property the required investment … to enhance the offer and elevate the experience for customers. We want to ensure this iconic venue once again leads in this great community and on an international level."

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