Wye Beach Hotel

A strong run of pub sales along Victoria’s Great Ocean Road has continued with the sale of the Wye Beach Hotel after 30 years of ownership.

The transaction, managed by JLL Hotels & Hospitality Group, saw long-term owners Paul and Tess Brown sell their freehold interest in the fully leased venue to an unnamed NSW-based private investor.

“The hotel and the town of Wye River have been such a significant part of our family for a long time, hence it’s been a difficult and carefully considered decision in offering the property to market,” the outgoing owners said.

“We wish the purchaser the very best with their sensational investment, and just as importantly, look forward to seeing the existing tenant continue to thrive in one of the world’s most beautiful locations.”

The hotel’s elevated position overlooks the town and nearby beach, and the venue has recently undergone significant upgrades including a new, purpose-built function and events centre.

The pub’s other trading zones include a front deck with ocean views, a family-friendly bistro, a public bar and a grassed beer garden.

The Wye Beach Hotel sale continues the recent momentum in demand for coastal hospitality assets along Victoria’s iconic Great Ocean Road over the past six months.

In August 2021, the much-publicised sale of the Lorne Hotel to Justin Hemmes’ Merivale was announced at $38m, and in March, the Apollo Bay Hotel was sold to an unnamed Victorian publican for well above its original price guide of $10.5m plus, with Australian Venue Co. entering into an agreement with the freehold acquirer to operate the hotel, it’s first on the Great Ocean Road.

JLL Hotels’ senior vice president Will Connolly said the Wye Beach Hotel sale campaign drew over 150 enquiries, culminating in a sale price well over the stated price guide of $5.5m.

“To take to market hotels such as these, in one of the world’s most beautiful locations is an incredible privilege,” Connolly said.

“Since September 2021, JLL Hotels have sold $83 million of coastal hospitality assets along this stunning stretch of coast, beginning with the Lorne Hotel, the Apollo Bay Hotel in March of this year, the recent sale of Ocean Grove’s Collendina Caravan Park, and now the Wye Beach Hotel.

“We look forward to announcing further coastal opportunities as the year progresses as we look to satisfy the market’s burning desire for coastal assets.”

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