Hollywood celebrity and billionaires playground Byron Bay has seen the biggest pub deal this year after Melbourne duo Scott Didier and fintech founder Scott Emery bought the Great Northern and Lateen Lane properties from the Mooney family for $80 million.

The pair acquired the assets via an invitation only off-market sale process managed exclusively by JLL Hotels & Hospitality’s John Musca and Ben McDonald.

McDonald said the process fielded countless, unsolicited approaches from a star-studded line up of the country’s biggest and best hotel operators and high net worth individuals.

There were over 12 bids and two shortlist bidding rounds, with buyer profiles extending from family offices to some of the countries most respected hoteliers and international lifestyle hotel operating groups.

“Having owned and operated ‘The Northern’ for close to three decades, the Mooney family have watched first hand Byron Bay’s irrepressible rise to popularity on a global stage, witnessing the coastal township transform into the one of the most coveted lifestyle, tourism and investment destinations in the country,”

McDonald said the sale highlighted the undeniable strength of Byron Bay.

“Whilst this sale represents the biggest pub transaction of 2021, we believe that the Byron Bay story has a long way to run with the new owners set to take a measured view on improving the existing offering for the benefit of local residents and the circa four million visitors set to enjoy the pristine location each year,” he added.

Occupying a commanding 2,000sqm corner position on Byron Bay’s prime Jonson Street main retail thoroughfare, ‘The Northern’ boasts large band room, 20 first floor accommodation rooms, restaurant, bars and drive-through bottle shop. Coupled with the neighboring 51 room accommodation hotel, developed by the Mooney’s in 2009, the offer presented as a genuine ‘once in a lifetime’ opportunity at a time when domestic tourism continues to surge.

The new owners are long time Byron regulars and family locals Melbourne based duo Scott Didier founder and CEO of ASX listed Johns Lyng Group (ASX:JLG), and Scott Emery founder of online lender MoneyMe (ASX:MME) with Didier’s family solely acquiring the 51 room Lateen Lane Hotel with his daughter Casey who lives in Byron with her family set to run the day-to-day operations.

The business associates have a 30-year association with the town including existing hospitality operations Beach Suites, Byron Bay as well as other commercial investments in the area.

“Scott and I are just so delighted to be the new custodians of the Northern and to have the privileged opportunity to engage with the local community in the next incarnation of this very special pub, in such a special place, and my family are so excited about the Lateen Lane Hotel and what we can create there,” Didier said.

Musca added: “anyone who knows how captivating Byron Bay is and, understands the challenging hotel licensing and approvals environment, will appreciate that the Northern is a truly irreplaceable business and real estate asset, driving the competition that has delivered its generational sale”.

JLL Hotels’ senior vice president Andrew Langsford said Byron Bay has flourished as one of Australia’s eminent lifestyle tourism destinations, and like many other regional Australian leisure locations, it sits high on the priority list for accommodation investors both nationally and internationally.

The one-time hippie town has become a billionaires and Hollywood celebrities playground, attracting the likes of Chris Hemsworth, Oscar winners Matt Damon who paid $22 million for a mansion last year, Christian Bale and Natalie Portman.

This transaction comes hot on the heels of pub star Justin Hemmes acquiring the Cheeky Monkeys, also on Jonson Street.

The Cheeky Monkeys transaction was also handled by JLL Hotels.

Next door, the long-term home of Byron Bay Backpackers is also set to be redeveloped after being picked up by developers Podia in February, marking another step in the turbo-charged gentrification of the former idyllic hippie coastal town.

Other major deals have seen winner of reality TV show The Bachelorette and pub owner Stu Laundy has just added The Lennox Hotel on the town’s beachfront to his portfolio in a deal worth about $40 million. One of Byron’s other true beachfront venues, the Byron Bay Beach Hotel, sold a year and a half ago to listed investment bank Moelis Australia for $104 million.