Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman (ASX: HVN) and its founder Gerry Harvey have sold their stake in The Byron at Byron Resort for $41.7 million.

The luxury hotel has been acquired by Syrian entrepreneur and billionaire Ghassan Aboud.

Harvey established the hotel in 2005 in partnership with his listed retail business Harvey Norman.

The resort is highly lauded in Australia and was recently placed in the top 10 resorts in Australasia and the South Pacific by Condé Nast Traveler.

Norman's resort was built on 45 acres of rainforest just minutes from Byron Bay itself.

As reported by The Sydney Morning Herald, this is the fourth Australian luxury hotel purchase for Syria's Aboud.

Aboud now owns hotels in Cairns, Port Douglas and Surry Hills in addition to The Byron at Byron.

He is mostly known for being the founder of the Ghassan Aboud Group, a mutlinational conglomerate operating businesses in the entertainment, media, retail, catering, hospitality, real estate, and logistics sectors.

Aboud has developed quite a reputation as an entrepreneur, having been named in the Top 50 Most Influential Expats in the UAE by Forbes Middle East.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

The Gold Coast’s Pacific Fair shopping centre, fresh from pla...

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Mining magnate Andrew 'Twiggy' Forrest's investment fir...

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas Airways (ASX: QAN) is gearing up to spread its wings much ea...

Start-ups ready for orbit aboard Space Machines Company’s first mission

Start-ups ready for orbit aboard Space Machines Company’s first mission

The start-up world is clamouring for its place in orbit with Austra...