This Month
‘Off the market’: The $175m pub sale that never happened
The Thomas family will retain ownership of The Oaks Hotel in Neutral Bay after a local family was unable to stump up the money to settle the circa $175 million deal.
- Larry Schlesinger
Jon Adgemis’ Paddington pub housing El Primo Sanchez up for sale
The move follows a complex refinancing effort of Mr Adgemis’ Public Hospitality empire involving Deutsche Bank, Muzinich and Archibald Capital’s Ben Madsen.
- Primrose Riordan
Redcape sells trio of pubs for $136m to meet priority redemptions
Redcape managing director Chris Unger said the group will pay out priority redemptions and provide $40 million of liquidity over the next year.
- Campbell Kwan
Deutsche gets ball rolling at Public Hospitality recapitalisation
Street Talk understands a new $200 senior lending facility has been put in front of the group’s existing lenders.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Pub tsar more than triples money in $30m Griffith sale
Jim Knox sold the Area Hotel in Griffith to budding entrepreneur Trent Middleton for $30m, having paid $8m for it in 2019.
- Larry Schlesinger
June
Deutsche Bank trades its Adgemis debt; kicks off Gemi talks
Street Talk understands major lender Deutsche Bank has traded positions in five assets to US private credit group Muzinich in recent weeks.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Analysis
- Productivity
Sam Kennard’s pub shows what’s wrong with Australia
The Kennards Self Storage owner’s struggle to build a craft pub is an example of the nation’s economic problems.
- Aaron Patrick
Laundys add Sydney’s Light Brigade Hotel to pub empire
Family patriarch Arthur Laundy says he knows the Light Brigade Hotel well, having ridden his scooter around it as child when his parents owned the nearby Woollahra Hotel.
- Larry Schlesinger
Great opportunity in hotels, but build-to-rent a ‘catchy title’: Pridham
Andrew Pridham says early in the recovery cycle is when you want to be buying alternative assets like accommodation and pubs, but returns are too low in build-to-rent.
- Larry Schlesinger
Rich Listers list Gold Coast waterfront tavern
The billionaire Roche family are selling the large-format Harrigan’s tavern within their Calypso Bay waterfront estate as they focus on their NSW assets.
- Larry Schlesinger
Trail of pain behind Jon Adgemis’ PHG rescue deal with Deutsche Bank
A dangerous incident two years ago was a sign of things to come for the hospitality baron.
- Primrose Riordan and Sarah Thompson
May
- Exclusive
- Food & drink
Jon Adgemis strikes $400m refinancing deal to save pub empire
The former KPMG dealmaker will likely stay on as executive chairman of his Public Hospitality Group after reaching a deal with Deutsche Bank to avert collapse.
- Primrose Riordan
- Exclusive
- Hotels
Public Hospitality Group’s Jon Adgemis raided by tax authorities
The company, which owns a sprawling portfolio of pubs, has been attempting to refinance its significant loans with Deutsche Bank in a bid to avert collapse.
- Updated
- Primrose Riordan and Sarah Thompson
Lenders move on Adgemis’ El Primo Sanchez bar
The move comes amid debt refinancing negotiations led by major lenders to the dealmaker’s hospitality empire.
- Primrose Riordan
Dan Murphy’s parent Endeavour posts 2.2pc sales growth
The pubs and bottle shops owner warned that market conditions have remained subdued so far in April.
- Carrie LaFrenz
- Exclusive
- Hotels
Adgemis, fighting fires, now has the Tax Office at his door
The Tax Office is knocking on the door of Jon Adgemis’ embattled pub group for more than $10 million as the former KPMG rainmaker attempts to save his empire.
- Max Mason and Primrose Riordan
Jon Adgemis’ PHG shelves auction for Annandale’s Empire Hotel
Sources said price expectations of circa $39 million were out of whack with reality, given the asset has north of $30 million in debt.
- Sarah Thompson, Kanika Sood and Emma Rapaport
April
- Exclusive
- Food & drink
Jon Adgemis’ lender pushes to sell his Darlinghurst Hotel
Another lender does not want the sale to go ahead. The crisis highlights the rosy valuations of the indebted pub baron’s properties.
- Primrose Riordan
Private equity-backed Australian Venue Co steps up pub chase
The $10b Endeavour Group put the brakes on acquisitions, but its smaller rival says it could buy 20 pubs this year “quite comfortably”.
- Simon Evans
Adgemis’ Bondi auction looms as Deutsche, Gemi try to muster a deal
Angas Securities said it had turned down two proposals from the bank, which is negotiating a $500 million refinance, and is trying to get its money back.
- Primrose Riordan and Max Mason
