MA Financial Group has bought the Hotel Brunswick in Brunswick Heads, near Byron Bay on the NSW North Coast for $68 million.
Former Nine Entertainment CEO David Gyngell and business partner Delvene Cornell were the vendors, also selling an adjacent property in the deal.
The two-storey waterfront hotel is known for its tree-adorned beer garden, local live entertainment and multi-restaurant food offering.
An investment fund managed by MA Hotel Management (MAHM) acquired the property, following its acquisition of the Beach Hotel in Byron Bay in 2019.
“Hotel Brunswick has always enjoyed the benefit of the enormous footfall of tourist visitation and dollar spend to the region and as a freehold going concern asset, the hotel will benefit from our platform expertise,” said MAHM CEO Dan Brady.
The deal is expected to settle in March next year.
“The Hotel Brunswick embodies everything good about the hospitality industry, and the nation’s fascination with beach culture and community,” said HTL Property Managing Director Andrew Jolliffe, who sold the property.
“David and Delvene have been wonderful custodians, and the local knowledge the purchasers bring given their ownership of the Beach Hotel underwrites the future success of this institution.”
MA Financial said it had invested more than $170 million into two of the Byron Bay region’s most iconic hospitality assets, demonstrating its significant commitment to and confidence in the area.
The deal comes as Hotel Property Investments (HPI) bought a portfolio of seven pubs located throughout South Australia for $66.1 million this week.
Last week Singaporean group Well Smart Investment Holdings sold the Mantra Terrace Hotel in Brisbane for a speculated $16 million, while hotel operator Fraser Short bought the Sir George Hotel in the New South Wales town of Jugiong for a reported $14 million earlier this month.