Jon Adgemis has acquired the freehold going concern of Annandale’s Empire Hotel.
It is the second pub the businessman has purchased from Oscars Hotels’ Bill and Mario Gravanis – coming five months since the speculated $17 million deal for Darlinghurst’s Strand Hotel.
Both venues were offered after a renovation.
The two businesses will now be operated by Paul Schulte and Andrew Taylor’s The People.
Oscars picked up the Empire leasehold and freehold separately in 2019 paying a total of $10.3m.
Empire Hotel, Annandale
On Parramatta Road, the Empire includes a bar with a 3am liquor licence, a gaming room with 16 electronic gambling machines, offices and 25 guest suites.
Covering an 803 square metre site, it also contains parking (story continues below).
Mr Adgemis’ Public Hospitality Group will retain the freehold – this newly formed group also owns Paddington’s Art Hotel, Camelia Grove Hotel at Alexandria, the Strand and eight other venues, all which will be operated by The People.
Oscars, meanwhile, will focus on bigger investments including the Beachcomber Toukley, which set it back $20m in March, and Brisbane’s Oakwood Hotel & Apartments – for which it paid $50m last month.
Last week we reported the Gravanis brothers purchased a half-stake in a portfolio of Tamworth assets.
JLL’s John Musca marketed the Empire.
“With over $200m of pub sales reported over the past four weeks, the capital momentum continues unabated in an environment of industry consolidation and amidst the excitement of post lockdown reopening,” he said.
More to come.
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