Moelis Australia (ASX:MOE) has entered into an exclusivity agreement to acquire The Beach Hotel, Byron Bay.
The deal includes both the real estate freehold and operating business of the Beach Hotel, Byron Bay.
The deal is valued at just over above $100 million and is intended to establish a single asset investment fund that will provide sophisticated investors the opportunity to invest in the Beach Hotel, Byron Bay.
Moelis Australia will manage this fund adding to its approximately $4.7 billion of assets currently under management.
The Beach Hotel is an iconic asset located in one of Australia’s most recognised towns both domestically and internationally. The acquisition of both the real estate and operating business will reunite the common ownership of the real estate and operating business for the first time since 2007.
Shares in Moelis Australia (ASX:MOE) are trading 1.3 per cent lower at $4.54.