Historic Hotel Brunswick at Brunswick Heads sold for $68m
Local icon Hotel Brunswick and a neighbouring property have been bought by MA Financial Group Limited for $68 million.
In an announcement to the ASX on Thursday, MA Financial said it had bought the historic property on the Brunswick River in Brunswick Heads.
The 1940s hotel will be acquired by an investment fund managed by MA Hotel Management (MAHM).
That follows MAHM’s acquisition of the Beach Hotel in Byron Bay in 2019 for $100m.
MA Financial said the two purchases demonstrate the company’s commitment to and confidence in the northern NSW region.
The purchase is also sure to buoy other tourism operators in the area as Australia’s state and international borders begin to open up again post-pandemic.
“Hotel Brunswick has always enjoyed the benefit of the enormous footfall of tourist visitation and dollar spend in the region and as a freehold going concern asset, the hotel will benefit from our platform expertise.,” MAHM CEO Dan Brady said.
The group made a splash in the northern NSW property market when it was revealed in October 2019 they had bought the Beach Hotel in famous Byron Bay for a record $100m.
Originally a family pub run by Sale of the Century hostess Delvene Delaney and her producer husband – and best mate to Paul Hogan, John “Strop” Cornell – The Beach Hotel in Byron has come a long way since then.
Records revealed that the investment group entered into an exclusivity agreement to purchase the 4585sq m property that Delaney and Cornell, who produced and co-wrote the international blockbuster Crocodile Dundee, spent about $9 million building up in the 1990s.
At the time Mr Brady described the almost waterfront hotel as an “iconic Australian establishment located on irreplaceable real estate.”
“The acquisition of both freehold and operating interests will enable the required capital investment to further enhance what has made the hotel iconic – that is, a great community gathering place with a fun, sociable, friendly and safe hospitality offering delivered by an engage and passionate team of local hospitality professionals.”