Retail giant and entrepreneur Gerry Harvey has officially listed the Byron at Byron Resort & Spa with expectations the luxury hotel could return somewhere between $40 million and $50 million.
The move sees the hotel hit market for the first time since its 2005 opening, with the divestment forming part of Harvey's larger strategy to sell down assets.
CBRE Hotels’ Wayne Bunz and Andrew Jackson are appointed to manage the international campaign for the resort, which is located on 45-acres of subtropical rainforest, and five minutes from Byron.
“The luxury resort is owner-operated, and with no international branded resort existing in Byron Bay to date, we expect there will be a number of world-renowned leisure brands eager to enter this tightly held market,” Jackson said.
CBRE Hotels national director Wayne Bunz said the Byron Bay area has high barriers in place for new accommodation offerings due to local environmental protection laws.
“Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area,” Bunz said.
Major transactions in Byron Bay include the $70 million sale of the Byron Beach House Hotel to the Liberman family in 2017, Bunz said the deal still holds the record for the single largest pub transaction in Australia.
Harvey, now aged 79 and worth $1.58 billion, co-founded Harvey Norman with Ian Norman in 1982.
The Byron resort features 92 suites, a one-hatted restaurant, conference centre, infinity swimming pool, tennis court, gymnasium, lobby retail shop and day spa.
The expression of interest campaign ends July 10.