Didier snaps up Byron Bay’s iconic Beach Hotel in $140m deal
Entrepreneur Scott Didier has become a major player in Byron Bay pubs with his latest purchase.
Byron Bay’s iconic Beach Hotel has sold for about $140m to the family of Melbourne businessman Scott Didier in one of the country’s largest ever pub sales.
The tycoon is the chief executive of engineering company Johns Lyng Group and he has taken the company from a single office to an international giant that generates revenues of more than $1.2bn, with offices across Australia and the US.
He has become a part-time pub and property baron in more recent years. His holdings include the Byron Bay Beach Suites and 50 per cent stakes in both the Great Northern Hotel and Hotel Marvell, in partnership with Scott Emery, founder of ASX-listed MoneyMe Limited. He also owns a wide range of other commercial and residential properties.
Other tycoons already invested in Byron Bay include billionaire Justin Hemmes, who owns properties including the former Cheeky Monkey’s Bar, which he is redeveloping to an up-market venue.
JLL Hotels executive director John Musca brokered the off-market deal which saw the tycoon buy out other investors in an MA Financial-run fund.
The investment bank fund bought the Beach Hotel for $104m in 2019. The bank created an unlisted fund for wealthy investors and planned an overhaul of the pub on Byron’s Main Beach best known for once being owned by former Paul Hogan sidekick John “Strop” Cornell.
The pub has had a series of high-profile owners since then, including race car driver Max Twigg and then Melbourne fund house Impact Investment.
The Didier family confirmed the acquisition of Byron Bay hotel in which it was a minority shareholder via the MA Financial-run fund. Mr Didier said he was delighted to purchase the landmark venue.
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The Beach Hotel in Byron Bay has sold for $140m
The Beach Hotel is iconic – not just to Australians but to the many international visitors who love Byron Bay’s unique atmosphere and spectacular waterfront. My wife Yvette and the entire family look forward to growing and nurturing this magnificent asset for generations to come,” he said.
The Beach Hotel will be managed by Coleman Management Group, a family-owned group with 30 years’ experience in the hospitality industry.
“We are honoured to be entrusted by Scott Didier and his family to run this most iconic venue in a place that is close to our hearts, Byron Bay,” CMG director Justin Coleman said.
“The ‘Beachy’ is in solid hands with the Didier family, and our team looks forward to getting back to the fundamentals of what made it such a legendary venue.”
Settlement and takeover is slated for July 1.
Mr Didier funded the purchase via a mix of cash reserves and commercial debt facilities.
“The Beach Hotel is a special place and the team has thoroughly enjoyed being a part of its history,” said Chris Unger, managing director of MA Financial’s Redcape Hospitality.
