Laundy Hotels and Fraser Short are paying $40 million for The Lennox Hotel at Lennox Head, north of Ballina.
The contemporary two storey venue with a bistro, restaurant and bottle shop, overlooks the beach.
It has been operated for 16 years by brothers Clyde and Greg Campbell.
That family, and the Listers, were the vendors.
The divestment comes two years since Moelis paid $100m for the Byron Bay Hotel, about 20 kilometres north from Lennox Head.
Generational asset: agent
Two months ago, Laundy Hotels paid $35m for the Bidwill Hotel, west of Sydney (story continues below).
Not long earlier, Mr Short spent $16m on The Farm Byron Bay in Ewingsdale.
He also operates The Balcony Bar & Oyster Co, in central Byron Bay.
HTL Property’s Andrew Joliffe marketed The Lennox Hotel.
Years ago, the property was known as the Anglers Arms.
“[The] Fraser and the Laundy family understand the infrequency of rare opportunity, and when presented with the chance to own a generational asset such as this one, they mobilised with binding efficiency,” the agent said.
Clyde and Greg Campbell added the decision to sell “was not one that our families made lightly but we are excited about the opportunities this presents for our team and the community”.