Date: September 2017
Location: Byron Bay, NSW, Australia – Main Beach
Name: The Byron Bay Beach Hotel, four star
No. of keys: 25 (suites)
Seller: Max Trigg, who bought the hotel from John Cornell, who developed the hotel and sold it to Mr Trigg in 2007 for AUD44.
Buyer: The Liberman family backed Impact Investment Group, advised by CBRE. They also own the 297 room Four Points by Sheraton Hotel in Sydney, at Central Park (bought for AUD 190m).
IIG has established separate investment syndicates for each property in a put and call option deal with joint venture developers Frasers Property Australia and Sekisui House Australia. Hotelier Dr Jerry Schwartz has also invested in the hotel fund.
IIG, which has more than $730 million in existing assets and under construction, aims to shift capital towards investments that generate social and environmental value while delivering excellent returns for investors.
Price per key:
THPT Comment: Byron Bay is a special coastline area, close to Sydney and known as the hippie hangout of NSW….very laid back!
First Seen: Sydney Morning Herald