Recent freehold sales in the Victorian capital signify the resurgence of activity in the market as sharp yields reflect both investor and industry interest. The freehold interest in the Cornerstone Hotel of Port Melbourne transacted in recent weeks at a confidence-inspiring yield of 4.50 per cent. Built 1860, the staunch two-storey Georgian brick pub reflects […]
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The big-ticket sale of Kinselas and the Courthouse Hotel by MA Financial to operator-developer Virtical has fallen over, with parties now arguing the specifics in court. Last September news broke that Moelis was divesting the pair of pubs at Taylor Square to the private company for just north of $60 million. The unlisted MA
The Adgemis Public Hospitality empire is in flux again, threatening its refinancing efforts, as two pubs in the portfolio enter administration alongside a record-breaking number of Aussie businesses. Public Hospitality Group (PHG) is scrambling to retain its collection of over 20 pubs across Sydney and Melbourne, but despite ongoing negotiations one of its financiers has
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High flying banker turned publican Jon Adgemis has secured a $400 million refinancing deal to save his floundering hospitality gambit, but will be forced to sell down. According to sources, an agreement has been reached this week with the group’s major lenders Deutsche Bank, Gemi Investments and Archibald Capital, providing funding earmarked to pay staff,
Australian Venue Co is finding renewed strength under new owners PAG, and armed with a new investment chest is ratcheting up its acquisitions. In August news broke of the $1.4bn deal whereby PAG Asia Capital bought KKR’s 80 per cent stake in the pub group. The transaction has now settled, heralding a new $900 million debt
The finance landscape in the pub industry is under pressure, as businesses continue to find their feet following the pandemic and the fallout from high interest rates takes its toll. Most instances of loans issued to a pub will involve bank covenant reporting imposed on the borrower. There are variations of commercial loan products, and
The company owned by a former digital strategist and self-proclaimed psychic has fallen into administration, owing hundreds of thousands of dollars to staff and creditors, having not turned a profit. Rahni Newsome promotes herself as an experienced freelance digital marketer, as well as advertising her services as a ‘psychic consultant’. In 2021 she moved to
Pub industry trailblazer Fraser Short’s group The Sydney Collective has fallen into administration, said to owe around $6 million in tax and to creditors. The news broke late December – less than a year after TSC sold its share in five pubs, including the acclaimed Watsons Bay Hotel, to venture partners Laundy Hotels, headed by
A billion-dollar stoush has begun between the board of hotel and liquor retailing giant Endeavour and its largest shareholder, Bruce Mathieson, based in the mismanagement of the company. Endeavour holds a portfolio of over 350 pubs and clubs through its pubs division ALH, with the biggest collection of EGMs in the country, plus six wineries
Billionaire pub baron Bruce Mathieson is looking to bolster his stake in the casino sector, applying to the regulator to increase his already substantial holding in the troubled Star Entertainment. Principle investor in Endeavour, keeper of the country’s largest pub group and operator of EGMs, Australian Leisure & Hospitality (ALH), Mathieson is said to have
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