Moelis Australia Hotel Management has book-ended the big buys of Byron, paying $68 million for Delvene Cornell and David Gyngell’s Hotel Brunswick of Brunswick Heads.
The Hotel Brunswick is an icon of northern NSW, 20 minutes north of Byron Bay, which opened in December 1940.
The stoic two-storey waterfront hotel is famous for its enormous and picturesque beer garden, awarded second-best pub beer-garden in Australia by the Daily Telegraph in 2011. It enjoys a widespread reputation and close affinity with local live entertainment, and a multi-restaurant food offering.
Since 1981 the freehold going concern has been in the hands of Delvene and the now late John Cornell, and partner David Gyngell, former CEO of Nine Entertainment. The Cornells were also the developers, owners and operators of Byron Bay’s Beach Hotel from 1991 to 2007.
“We have enjoyed an amazing journey with so many great people at the iconic Hotel Brunswick,” said Gyngell. “Thanks to one and all.
“It’s landed in the best possible hands of Dan Brady and his team. Its growth will continue under their leadership in the best spot on the north coast of Australia. We will be cheering their continued success.”
Brunswick joins Moelis’ acquisition of the Cornell’s former Beach Hotel from Impact Investment Group in 2019, bringing MAHM’s investment in the region to in excess of $170 million, in a clear “commitment to” and confidence in the area.
“It has been a challenging time for the hospitality industry, although the silver lining is that it has allowed us to further hone our understanding of the Byron area, and we have been able to lead with our values to build a level of understanding and trust with the community… a community that we love and are excited to grow with,” says MAHM CEO Dan Brady.
This end-of-year sale, through HTL Property’s Andrew Jolliffe, comes as the national hotel landscape closes in on $2 billion in total transactions. Settlement is anticipated for mid-March, 2022.
“The Hotel Brunswick embodies everything good about the hospitality industry, and the nation’s fascination with beach culture and community,” suggests Jolliffe.
