Byron Bay’s Bower Hotel sets ‘record price’
The lack of hip hotels in Byron Bay, the iconic hippy township dominating northern NSW, coupled with a spike in the drive tourism market, has sealed the first hotel sale on the back of the pandemic.
The newly completed Bower Hotel on Byron’s Bangalow Road, has just sold for around $18 million according to locals, to a Gold Coast based investor and hospitality veteran.
Selling agent CBRE’s Wayne Bunz would not comment on the actual price paid but he said the deal was a record price for a hotel in the Byron region.
Developed by two Byron locals, The Bower features 28 guest rooms on nearly 4500sqm and featured in the prestigious Conde Nast Traveller ‘Hot List 2018.’
“Clearly Byron has been a great beneficiary of the drive market in these unprecedented times, people are very keen because of the lock downs to escape to the coast and get to Byron, Noosa, and the Gold Coast,” said Mr Bunz. “These towns will be the beneficiaries.”
“We are seeing a substantial increase from overseas investors and Australians looking to invest in the leisure sector, because they know it is going to be a beneficiary over the next few years because people can’t go overseas, so coastal, warm locations will be strongly in demand,” said Bunz.