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Australia: Rae’s on Watego’s, a boutique hotel in Byron Bay, NSW, that has played host to Tom Cruise and Kate Winslet among others, is up for sale.
Vincent Rae, who has owned the property for 21 years, is looking to move to Europe from his Bali base and says this is “the perfect time to sell”. “I’ve been in Byron for 30 years and I love it. But I’m 50, and Europe’s where my heart is,” he said.
The property will be auctioned by sales agent Tony Bargwanna of Ray White Hotels at 2pm on October 26, and there has already been considerable interest. A neighbouring property previously sold for AUS$16 million.
“It’s impossible to put a price on an asset like it. There are not many hotels that have won the awards that this hotel has,” said Bargwanna.
The property has development approval for expansion, and Rae said: “I’d love to see it stay as a hotel, but the market will dictate what it will be.”
raes.com.au
www.rwh.net.au
