Billionaire Gerry Harvey sells Byron property for $45m

Syrian billionaire adds one of Byron Bay's most iconic properties to his hospitality portfolio.

SOLD: The Byron at Byron is a luxury resort set on 45 acres of subtropical rainforest has changed hands.

BILLIONAIRE Gerry Harvey has reportedly sold Byron at Byron, his $45 million Byron Bay resort, to Dubai-based Syrian billionaire Ghassan Aboud.

Mr Aboud is chairman of the Ghassan Aboud Group (GAG), an international conglomerate engaged in several key business sectors including automotive, logistics, media, hospitality, real estate, retail, and catering.

In 2018 Mr Aboud was ranked number 18 in the 50 most influential expats in the United Arab Emirates.

He is said to have become enamoured of the Byron at Byron whilst holidaying on the North Coast in 2016

This is the first time the Byron Bay property has changed hands since it was opened in 2005 and settlement of the sale is expected by September 2019.

The 92-suite owner-operated resort and spa was listed for sale in May with selling agent Wayne Bunz saying at the time, "Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area."

Mr Aboud has acquired a string of east coast tourism enterprises through his UAE-based GA Group over the past three years.

His company Crystalbrook Collection aims to amass a $1 billion portfolio of hospitality and real estate assets in Australia.

So far Crystalbrook's portfolio includes the Hotel Riley in Cairns, the Little Albion in Sydney and the soon-to-open Bailey in Cairns.