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Syrian billionaire buys Byron at Byron Resort and Spa
One of Australia’s most renowned resorts, The Byron at Byron Resort and Spa, has been sold for $41.7 million to the Australian hospitality holdings of Syrian billionaire Ghassan Aboud.
The acquisition of the Byron Bay resort, owned by retail entrepreneur Gerry Harvey and a Harvey Norman Holdings subsidiary, who pioneered its development in 2005, will see it transition to the Crystalbrook Collection brand.
The resort, set in 18 hectares of subtropical rainforest just outside the NSW north coast town of Byron Bay, was listed for sale in May.
With its beachfront location, the resort has regularly been named among the top 10 best luxury resorts in Australia. It features 92 stylish suites, an infinity pool, day spa, tennis court and one-hatted restaurant.
Dubai-based entrepreneur Aboud initially made his money in the automotive and logistics industries and in recent years has invested more than $100 million into Australia’s resort market, developing and opening two luxury resort hotels in Cairns. A third opulent hotel dubbed ‘Flynn’ is set to open in the North Queensland town next year.
The acquisition of Byron at Byron brings Crystalbrook Collection’s portfolio to over 1,100 rooms in operation or under development across seven properties in NSW and Queensland.
Other properties owned by Aboud include The Crystalbrook Lodge and Crystalbrook Station. They were acquired from Port Douglas businessman John Morris in early 2017 and include a 34,000 hectare cattle station.
About 220 kilometres west of Cairns, the Crystalbrook Lodge features five suites and charges $1800 per room per night, all inclusive.
Commenting on the acquisition, Aboud advised “this is a momentous (move) for the Group. We are thrilled to be introducing The Byron at Byron to the Crystalbrook Collection, providing the opportunity of an outstanding leisure experience for our global customers.
"The acquisition of this fantastic asset signifies our continued quest for growth in Australia and the region.”
Crystalbrook Collection acting Chief Executive and Group Director, Hotels, Geoff York added “Byron at Byron fits seamlessly with our existing personality-driven hotels and resorts. Its environmental stance, connection to its exquisite location and local creativity, authentic style and passion for wellness is an excellent fit.”
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