Business Don't miss out on the headlines from Business. Followed categories will be added to My News. The $2bn Melbourne-based funds manager and advisory house Salter Brothers has paid more than $100m to purchase three Bannisters resorts on the NSW north and south coasts which house two chic seafood restaurants operated by world-famous British chef Rick Stein.
The purchase includes the 34-room Bannisters by the Sea and 33-room Bannisters Pavilion, both in the NSW south coast township of Mollymook, as well as the 78-room Bannisters Port Stephens north of Sydney. Salter Brothers Hospitality will take on the management of the hotels and the existing 150 staff once the acquisition of the properties is completed later this year. Capitalising on the uninterrupted ocean views, the interiors of Bannisters by the Sea were designed by fashion designer Collette Dinnigan using wide oak floorboards, wooden shutters and deep white linen sofas – which was one of her first forays into interior design.
Explaining the acquisition, Salter Brothers managing director Paul Salter said the current supply of new hotel accommodation was being hampered by rising construction costs, particularly for luxury venues in regional locations. “These are distinct assets positioned in unrepeatable ocean-view settings and boast a reputation of consistently achieving high occupancy levels,” Mr Salter said. It is understood the Rick Stein seafood restaurants would continue to operate under the new Salter Bro.
