The unlocking of Keystone value continues with Solotel securing the fallen Group’s deed to Sydney’s Chophouse restaurant.
Award-winning hospitality group Solotel teamed up with celebrity chef Matt Moran earlier this year, bringing the five MorSol venues into its fold. The new entity is headed up by Bruce, Elliot and Anna Solomon, plus Matt Moran.
The busy Chophouse will become Solotel’s 27th venue, joining some of Sydney’s most recognised pubs and a number of other fine-dining venues, such as Solomon and Moran’s Aria, Chiswick and North Bondi Fish restaurants.
Chophouse is located on downtown Sydney’s Bligh St, amongst the likes of gastro powerhouses Spice Temple, Restaurant Hubert and Rockpool, which was recently acquired by Urban Purveyor Group.
“The Chophouse brand is incredibly strong and we are excited to add this very successful business to our portfolio,” says Solomon. “We look forward to continuing to build the current brand in 2017 and beyond.”
The restaurant will reportedly continue as the same brand, and largely with the same well-known contemporary grill experience, focusing on high-quality Australian meat and wine.
Keystone purchased Chophouse along with Kingsley’s and the Jamie’s Italian outlets in mid-2014 with its acquisition of Pacific Restaurant Group.
The well-known pub group fell into receivership in June due to outstanding obligations with debtors KKR and Olympus. Ferrier Hodgson was appointed to manage and sell down the portfolio of 17 venues.
CBRE Hotels was appointed to market the assets. It secured purchase of six of them to Dixon Hospitality for $40 million, and Chophouse to Solotel. The Jamie’s Italian restaurants were re-acquired by the international parent, as per a right of the lease agreement.