Acclaimed South Coast venues change hands

Bannisters Port Stephens has 78 guest rooms.

Hospitality fund manager Salter Brothers has bolstered its portfolio of luxury coastal retreats after snapping up Bannisters hotels in Port Stephens and Mollymook for over $100 million.

The properties comprise the 34-room hotel, Bannisters by the Sea and the 33-room establishment, Bannisters Pavilion, in Mollymook, as well as Bannisters Port Stephens, which has 78 guest rooms.