Luxury Northern Rivers hotel tipped to sell for $20m
A BOUTIQUE hotel in Byron Bay is set to hit the property market, attracting investors with a cool $20 million to spend.
Owners of The Bower Byron Bay will put the luxury hotel on the market in February.
The 4995sq m property on Bangalow Road comprises of 29 sleek, art-focused guest rooms - barns, cottages, hotel rooms and suites.
The hotel is close to the shops and a short walk away from Main Beach,
The listing will follow two major hotel sales in the area this past year including the Byron Beach Hotel which sold for $104 million and the Byron at Byron for $42 million.
A stay at the Bower Byron Bay starts from $300 a night. Holidaymakers pay $2500 per night for the hotel's most opulent lodgings.
All 29 guest rooms have been booked out days in advance, and according to the owners, occupancy rates have been pleasing throughout the year since its opening in 2018.
The design was inspired by co-owner Taliah Lowry's time in New York, the Bowery neighbourhood of Manhattan. In an earlier life, the site housed a 1970s roadside motel.
CBRE Hotels' Wayne Bunz and Hayley Manvell will bring The Bower Byron Bay to market, with a sales campaign to start in February.
"The Bower Byron Bay is a destination that has fast made a name for its relaxed 'New York meets barefoot Byron' decor and ambience," Mr Bunz said.
"It has become one of Australia's hottest hotels, widely praised by fashion and lifestyle magazines including Vogue, Condé Nast and Gourmet Traveller.
"Byron Bay is popular among domestic and international guests, and this site is just minutes from local shops and cafes, and within walking distance of famous beaches."
Ms Manvell said the strength of buyer interest highlighted the local and offshore demand for luxury-boutique hotel offerings and influenced the owners' decision to list The Bower Byron Bay for sale.
"Byron Bay is now recognised as a global destination, and we are very confident that we will attract interest from high net worth individuals not only from Australia, but globally," Ms Manvell said.