Byron Bay’s ‘Top Pub’ the Beach Hotel has been sold by Moelis Hospitality to stakeholders the Didier family, in one of the largest pub sales in Australian history.
The landmark pub was built in the 90s by Paul Hogan’s off-sider John Cornell for around $9 million, sporting an up-close view of the picture postcard Beach and offering a lively public bar and beer gardens, restaurant, function rooms, 25 luxury hotel rooms and a swimming pool.
It has developed a reputation as a live entertainment venue, hosting over 500 local and international acts each year and finding itself the recipient of multiple awards.
In 2007 Cornell sold the title for $60 million to former race car driver Max Twigg, setting a record for a passive freehold. Melbourne-based publican John van Haandel took over management, on a 30-year lease.
A decade later Twigg sold the property for $70 million to Impact Investment Group (IIG), which elected to sell off the 15 gaming machine licences and focus on the region’s food and beverage produce.
Late 2019, less than two years later, IIG teamed with van Haandel to offer up the combined freehold and management, posing strict sale terms, notably including a long-term moratorium on operating gaming machines.
Moelis Australia Hotel Management (MAHM) signed on for the asset, for $104 million, with operations to be handled by Redcape.
Moelis and Redcape have now agreed to sell their stake to minority shareholder the Didier family, fronted by Melbourne-based businessman and philanthropist Scott Didier AM.
While the sale price was not disclosed, it is understood to be circa $140 million, which reflects both strong appreciation and the ongoing strength of the pub sector.
“The Beach Hotel is a special place, and the team has thoroughly enjoyed being a part of its history,” remarks Chris Unger, Redcape managing director.
“The sale not only delivers a strong result but also marks an exciting new chapter for the Beach Hotel and we are sure it will continue to thrive as a beloved part of the Byron Bay landscape under the guidance of the Didier family.”
Settlement is scheduled for the start of July and the family-owned Coleman Management Group (CMG) will take over operations, bringing 30 years’ experience in hospitality.
“The ‘Beachy’ is in solid hands with the Didier family, and our team looks forward to getting back to the fundamentals of what made the Beachy such a legendary venue,” says CMG director Justin Coleman.
The sale was brokered by John Musca of JLL, and funded through a combination of the Didiers’ cash reserves and commercial debt facilities. It furthers the family’s growing real estate portfolio in the region, already including the Byron Bay Beach Suites, commercial and residential properties, and 50 per cent stake in both the Great Northern Hotel and Hotel Marvell.
“The Beach Hotel is iconic – not just to Australians but to the many international visitors who love Byron Bay’s unique atmosphere and spectacular waterfront,” says Didier.
“My wife Yvette and the entire family look forward to growing and nurturing this magnificent asset for generations to come.”
