Owner puts Byron Bay's Beach Hotel back on the market for $75 million

Byron Bay’s Beach Hotel remains on the market, with an asking price of $75 million. Melbourne-based owner Max Twigg and his associates recently turned down a $58-million offer.

RE/MAX Coastal real estate agents Matt and Lainie Towner, the agents marketing the property, said in a statement that Twigg bought the property in 2007 for a record $65 million from Australian film producer and actor John Cornell, who developed the beachfront hotel for $9 million in 1990 and owned it until 2007.

Melbourne entrepreneur John van Haandel‘s lease on the property and its pub ends in mid-2017, but he may opt to extend it with two 10-year leases. Towner noted that if sold, van Haandel must continue to manage the property.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


The Beach Hotel’s pub brings in $4.2 million in revenue annually. According to CoreLogic, Twigg, who is also a racecar driver, spent $44 million to construct it in June 2007. 

The hotel was originally on the market last June with an asking price of between $75 million and $80 million, but did not sell. If it sells for $80 million, the yield would be 5.3 percent.

Matt Towner said more than one party is interested in negotiating to purchase the property, including many very high-end investors. 

Suggested Articles

From services to small products in the bathroom, these guest amenities will become guest expectations in the near future.

With demand for contactless experiences on the rise and new programs coming online, property-management systems are evolving.

During the “Best Practices in Cleaning” panel, insiders shared how hoteliers can keep guests and employees safe.