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CBRE, who brokered the deal, noted that this is the first sale and exchange to take place during the Australian pandemic period.
The hotel is one of a variety of Byron Bay hotel transactions, which have seen over $170 million worth of properties changing hands. The largest is the Byron at Byron, which sold for $42 million.
The Bower transaction has been made for an undisclosed sum, but reports claim it is the highest price-per key sum yet. The campaign has drawn significant international interest, with investors from the US, Arab Emirates region and Asia-Pacific all drawn to the deal.
Wayne Bunz, CBRE Hotels’ National Director, said to The Hotel Conversation: “While Australia has long been viewed as a politically and economically safe investment destination, there has been an added focus in recent months on the country’s response to COVID-19. This is the first Australian hotel sale to have been negotiated and exchanged during the pandemic period, highlighting continued confidence in leisure and boutique hotel investment opportunities.”
The hotel itself had recently undergone major renovation transforming into a chic New York-esque style. The 28-room hotel was recently featured in the Condé Nast Travelller’s Hot List 2018 due to its luxury status.
The Gold Coast is another major site for investment in Australian hospitality. Last Month, Langham Hospitality Group announced the management of its third hotel in the country, with The Langham Gold Coast.