- Asset manager Moelis is buying the Beach Hotel in Byron Bay for over $100 million
- This is the second time in three years the beach front hotel has been on the market, in 2017 the property was bought for $70 million
- Moelis Australia currently has $4.7 billion funds under management
- The company’s share price is down just over one per cent, currently trading for $4.55 per share
Asset manager Moelis has told the Australian market it is buying The Beach Hotel in Byron Bay for just over $100 million.
Once Moelis has completed the purchase of the hotel, sophisticated investors will have the opportunity to invest in it.
In the company’s release to the market today, Moelis Australia’s Hotel Management CEO, Dan Brady, described the property as an “iconic Australian establishment located on irreplaceable realestate.”
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Sourced from The Beach Hotel
The hotel is located 50 metres from Byron Bay’s Main Beach and hosts weekly gigs – which has seen the likes of international rockers Franz Ferdinand and MGMT perform.
When the property went on the market earlier this year it marked the second time in three years the Byron Bay hotel was up for sale. In 2017, the hotel was bought for $70 million.
For the buy to be finalised, there are still negotiations with contracts that are expected.
The asset manager currently has roughly $4.7 billion worth of funds under management in Australia.
Back in 2009, Moelis Australia was formed through a joint venture with the New York Stock Exchange-listed Moelis and Company, which is currently trading for US$33.72 apiece.
Following the Australian company’s announcement to the market, shares in Moelis are down just over one per cent, trading for $4.55 per share.