Oscars Hotels has sold the freehold going concern of Annandale’s Empire Hotel to Jon Adgemis’ new Public Hospitality Group.
The Gravanis brothers’ group bought the pub mid-2019 from Sam D’agostino for around $10 million. It was being operated by Eric Armstrong, with the accommodation sub-leased.
Built circa 1890 for Tooth’s & Co, the commanding three-storey pub, on a prominent 803sqm corner site, was refashioned in the twentieth century in a modernist, Art Deco styling.
It comprises public bar, lounge area, gaming with 16 machines, twenty-five pub-style accommodation rooms on the upper levels, and onsite parking.
Oscars recently executed a renovation of street level, and have consolidated its late-trading licence, increasing from midnight to 3am, and the expansive, underutilised office spaces at the rear.
Bill and Mario have reportedly sold it again to focus on their larger hospitality complexes, such as their Beachcomber Hotel in Toukley, and Queensland properties the Oakwood Hotel & Apartments in Brisbane and Long Island Resort.
This is the second hotel Adgemis has bought from Oscars, understood to have paid around $17 million in an off-market deal through JLL Hotels.
It will be operated by The People, founded by former Keystone director Paul Schulte, and Andrew Taylor. It adds to the op-co’s growing portfolio of city-fringe pubs, already including the Arts Hotel in Paddington, Camelia Grove Hotel in Alexandria, and the Strand Hotel in Darlinghurst – bought by Adgemis from Oscars in May.
The Empire joins a growing kingdom of 14 venues that will be owned and/or operated by Adgemis’ new group, which is aiming at venues to appeal to Australia’s younger demographic.
“Millennials are looking for a local option that is affordable and approachable, but aspirational in terms of the lifestyle perks and options,” suggests Taylor. “They are seeking cool neighbourhoods”.
