Australian general merchandise stores operator Harvey Norman Holdings Ltd. agreed to sell luxury property The Byron at Byron Bay Resort for about A$41.8 million, according to an Aug. 9 stock exchange filing.
The price excludes goods and services tax and is subject to terms and conditions for completion. The transaction is expected to complete on Sept. 16 and the second Monday after it is granted a liquor license by the relevant authority.
According to the filing, GAG Byron on Byron Property Co. Pty. Ltd. and GAG Byron on Byron Business Company Pty. Ltd. entered into an agreement to acquire the property from Harvey Norman, and its co-founder, executive chairman and head of strategy, Gerald Harvey.
Byron at Byron will join the portfolio of Queensland, Australia-based tourism and hospitality group Crystalbrook Collection, owned by Syrian billionaire and entrepreneur Ghassan Aboud, who also owns multibusiness conglomerate Ghassan Aboud Group, or GAG.
"The acquisition of this fantastic asset signifies our continued quest for growth in Australia and the region," Aboud said. Crystalbrook Collection, which also operates enterprises in Cairns, Sydney, Newcastle, Port Douglas and Crystalbrook, previously announced plans to invest A$1 billion in Australia.
The Byron at Byron Bay Resort is located in a 45-acre subtropical rainforest in New South Wales and features 92 suites, an infinity pool, day spa, tennis court and a restaurant with a 1 hat rating. The resort brings Crystalbrook Collection's portfolio to more than 1,100 rooms in operation or under development across seven properties in New South Wales and Queensland.