As another hotel sells, what’s left of Public Hospitality’s former empire?
A third hotel formerly owned by the embattled Public Hospitality Group has been successfully sold by receivers as the unwinding of the once powerful hospitality empire continues.
The Kurrajong Hotel, sold yesterday by HTL Property for an undisclosed sum believed to be around $20 million, follows on from the sales of the Town Hall Hotel and the Three Weeds in July, which according to ASIC records occurred shortly after Jon Adgemis’ former hospitality empire was placed into liquidation on 20 June, with Timothy Cook of Balance Insolvency appointed as Liquidator.
A fourth property owned by Public Hospitality Group, The Clifton Hotel in Kew, Melbourne, is currently up for sale by its Receivers and Managers at FTI Consulting.
Out of the remaining eight properties that once formed part of Public Hospitality Group, five have been taken off the market and three are now being managed by Deutsche Bank. This includes: Bayswater Hotel, Empire Hotel and Noahs Bondi Backpackers.
According to HTL Property, which has overseen several of the sales including for Kurrajong Hotel, Three Weeds, and the still live The Clifton Hotel, the sales coincide with a period of significant movement for the New South Wales’ hotel sector.
By Cody Profaca