South Bondi Hotel sold again
Two ex-Public Hospitality pubs have sold out of receivership for a combined c$80 million.
Clime Asset Management and Singapore-based Vantage Point Asset Management secured the South Bondi Hotel, formerly Noah’s Backpackers, and Empire Hotel in Annandale.
The acquisition follows agreements worth similar amounts with Tom Wallace’s Millinium Capital which ultimately did not proceed.
South Bondi sold for $60m and Empire Hotel for $20m.
The Public Hospitality portfolio has been progressively sold down by receivers since last year.
South Bondi Hotel was set to become Millinium Capital’s sixth acquisition from the Public Hospitality portfolio before the deal fell through.
Clime Asset Management managing director Michael Baragwanath was involved in financing and structuring arrangements linked to previous proposed Millinium Capital acquisitions which ultimately failed to settle (continues below).
Third time luckier
Mr Adgemis paid $68m for the Bondi property in 2022.
The Empire was purchased for $12m in 2021.
Two weeks ago, we reported the same receiver, McGrathNicol sold Potts Point’s Hotel Diplomat to Oscars Group for c$20m.
Millinium also agreed to buy that property, late last year.
Subscribe to our newsletter at the bottom of this page.
