MA Hotel Management (MAHM) has announced the acquisition of its second Byron Bay pub – Hotel Brunswick.
MAHM, the hospitality division of MA Financial Group, is buying Hotel Brunswick and an adjacent property for $68 million.
The purchase builds on MAHM’s presence in the Byron Bay region following its acquisition of the Beach Hotel in 2019 for $100m, bringing its investment in the area to around $170 million.
MAHM CEO Dan Brady said, “We were welcomed into the close-knit Byron community 19 months ago at the Beach Hotel Byron Bay and have been inspired by the exceptional spirit and sense of community that exists locally.
“It has been a challenging time for the Hospitality industry, although the silver lining is that it has allowed us to further hone our understanding of the Byron area, and we have been able to lead with our values to build a level of understanding and trust with the community, a community that we love and are excited to grow with.”
Current co-owners David Gyngell and Delvene Cornell said of the deal, “We have enjoyed an amazing journey with so many great people at the iconic Hotel Brunswick. Thanks to one and all.
“It’s landed in the best possible hands of Dan Brady and his team. Its growth will continue under their leadership in the best spot on the north coast of Australia. We will be cheering their continued success.”
HTL Property managed the sale, and its MD Andrew Jolliffe said, “The Hotel Brunswick embodies everything good about the hospitality industry, and the nation’s fascination with beach culture and community.
“David and Delvene have been wonderful custodians, and the local knowledge the purchasers bring given their ownership of the Beach Hotel underwrites the future success of this institution.”
Settlement is expected to occur for mid-March 2022.