From Hippies to Hollywood: Byron Bay Pub Fetches A$100 Million

The iconic Beach Hotel in the Australian resort town of Byron Bay has sold for just over A$100 million ($68 million).

Moelis Australia entered an exclusivity agreement to buy the pub and the adjoining 25-room resort, the Sydney-based investment firm said in a statement Monday. The hotel will be used to seed a single-asset investment fund, the firm said.