The latest deal in a record $2-billion plus round of hotel sales has been sealed with the Hotel Brunswick—touted as one of the “holy trinity” of far north New South Wales coastal pubs—changing hands.
It has been acquired for $68 million by MAHF, the hotel subsidiary of ASX-listed fund manager MA Financial, run by Redcape Hotel Group’s Dan Brady.
The sale continues a fast-flowing pour of pub transactions, with five popular local watering holes snapped up during the past two years in deals totalling more than $300 million in the greater Byron Bay area, which has seen an influx of cashed-up new residents and become a haven for celebrities during the pandemic.
They include Byron’s Beach Hotel ($100 million) also purchased by MAHF, the Great Northern Hotel ($80 million), the Lennox Hotel ($40 million) at nearby Lennox Head and the Cheeky Monkey’s bar ($13 million), also in Byron.
Hotel Brunswick has been offloaded by former Nine Entertainment boss David Gyngell and Delvene Cornell—the widow of the late John “Strop” Cornell, who gained fame as comedian Paul Hogan’s mumbling sidekick in the 1970s.
“We have enjoyed an amazing journey with so many great people at the iconic Hotel Brunswick,” Gyngell said in a statement. “Thanks to one and all.
“It has 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.”
HTL Property managing director Andrew Jolliffe negotiated the sale in an off-market deal.
“We are absolutely thrilled to have been involved in the sale of this simply legendary Australian hotel” Jolliffe said. “The Hotel Brunswick embodies everything good about the hospitality industry, and the nation’s fascination with beach culture and community.
“David and Delvene have been wonderful custodians, and the local knowledge the purchasers bring given their ownership of the Beach Hotel underwrites the future success of this institution.”
The two-storey hotel fronting the Brunswick River is well known for its picturesque tree-adorned beer garden and a popular venue for local live entertainment.
HTL Property’s national director Dan Dragicevich said nationwide pub sales for the year had hit a record $2 billion as a result of surging investor interest.
He added that with the Hotel Brunswick deal HTL Property had now been involved in three of the sales of the Byron region’s high profile pub assets—the Beach Hotel, the Lennox Hotel and now the Hotel Brunswick.
“This is like the holy trinity for our industry,” he said.
