Johns Lyng Group chief executive and Byron Bay regular Scott Didier is selling a 52-key hotel in the heart of Australia’s favourite playground for the rich and famous.
Didier wants upwards of $30 million for the Vali Byron Bay which he acquired about two years ago.
JLL hotels and hospitality group senior vice president Andrew Langsford said there had been more than 50 inquiries about the hotel in the first week of the sales campaign.
“There have been a lot of people with interest in Byron, a lot of brands that would love to get Byron as a flag in the ground given it’s one of the premier leisure destinations in Australia,” Langsford said.
“Some of them are major international brands.”
Described as having a “Palm Springs and a California coastal vibe” Vali Byron Bay has 52 rooms, a lobby with guest lounge and common area, conference facilities with balcony, co-working spaces and an open-air courtyard.
The hotel was built in 2009 and has undergone a renovation in the past 18 months.
“The hotel is offered for sale with vacant possession of management, for hotel companies who are looking to grow a branding presence across Australia’s coastal or leisure destinations,” Langsford said.
“Byron is a must-have location and there is only a handful of properties with potential.”
Didier acquired what was then known as the Lateen Lane Hotel in June of 2021.
At the same time, and in partnership with MoneyMe founder Scott Emery, he bought the adjacent Great Northern Hotel, splurging a reported $80 million.
JLL says there is a proposal—yet to be formally lodged with Byron Shire Council—to add a bar, entertainment area and outdoor swimming pool to the existing courtyard.
“The scarcity of new hotel developments and limited transaction activity in the past two decades highlights Byron Bay’s status as a thriving market, with exceptional growth and formidable barriers to entry,” Langsford said.
And JLL says there may well be an increased market for traditional hotel accommodation in the town as Byron council looks to reduce the number of short-term accommodation rentals.
Last year Byron council voted for a 90-day annual cap on short-term rentals, only for the state’s former government quash the plan.
But in April this year the state’s Independent Planning Commission advised that tightening those rules to 60 days would encourage people to place their properties on the longer-term rental market.
“Restricting nights available from 180 days to 60 days is expected to place further demand on traditional hotel accommodation,” Langsford said.
The popularity of Byron Bay and the wider shire has reached new heights during the past few years, in part due to Covid-prompted migration from the cities as well as its ongoing reputation here and overseas as a destination for the rich, famous and those who want-to-be.
Byron’s median house price more than doubled during the pandemic hitting $3.09 million—significantly higher than most Sydney suburbs.
