RELAX: The Byron at Byron is a luxury resort set on 45 acres of subtropical rainforest.
RELAX: The Byron at Byron is a luxury resort set on 45 acres of subtropical rainforest.

The incredible price tag on luxury Byron resort

EVER wanted to own a hotel?

All you'll need is a cool $50 million to purchase the luxurious, yet controversial, Byron at Byron Resort and Spa, which is up for sale for the first time since its 2005 opening.

The eco-resort features 92 suites, a one-hatted restaurant, conference centre, infinity swimming pool, tennis court, gymnasium, lobby retail shop and day spa, set amongst 18ha of subtropical rainforest with beachfront access.

Hotel owner and billionaire retail giant Gerry Harvey, the executive chairman of Harvey Norman, told The Weekend Australian that he believes his hotel would fetch between $40 million and $50 million.

CBRE Hotels have been appointed to lead the International Expressions of Interest campaign for the sale of one Australia's most luxurious hotels.

CBRE Hotels' National Director Wayne Bunz said that he expected the hotel would receive a high level of interest because of the high barriers to entry for new accommodation offerings presented by environmental protection laws in the Byron Bay area.

"Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area, making this a very exclusive opportunity," Mr Bunz said.

"After several high-profile clients approached us to find a location in Byron Bay, CBRE Hotels submitted off-market expressions of interest for the Byron at Byron, and subsequently convinced the vendors to take it to a public marketing campaign."

But acquiring land for hotels in Byron Bay has always been difficult, especially when Mr Harvey tried to get the right approvals for his multi-million dollar hotel complex.

While Byron at Byron is now considered to be one of the top 10 luxury resorts in Australia, the famous hotel was built in the midst of a controversial battle between Mr Harvey and the Byron Shire Council of the day.

In the lead up to the hotel grand opening, Mr Harvey published a radio advertising campaign calling Byron Shire Council "the most difficult council in Australia".

The ad followed on from a battle Mr Harvey had with the council to get the right approvals and build the hotel in 2005.

But at the time, former Byron Shire Mayor Jan Barham told The Northern Star the ad was childish and derogatory.

"If we're the worst council in Australia, what is he doing here?" Cr Barham said.

"He doesn't mind cashing in on us when we have development constraints that protect the environment."

CBRE's Andrew Jackson said he expected the hotel would receive plenty of interest from the international hotel market.

"The luxury resort is owner-operated, and with no international branded resort existing in Byron Bay to date, we expect there will be a number of world-renowned leisure brands eager to enter this tightly held market," he said.

The International Expression of Interest campaign closing on July 10, 2019.