Bankrupt publican Jon Adgemis has seen one of his former Sydney hotels resold after a $101.5 million portfolio deal by his long-time associate, Millinium Capital head Tom Wallace, fell through.
Hotel Diplomat in Potts Point has now been acquired by Oscars Group, led by Bill and Mario Gravanis, for about $20 million, after Wallace failed to complete the agreed purchase of three Adgemis-linked Sydney venues from receivers McGrathNicol.
The collapsed deal also covered the South Bondi Hotel (Noahs Backpackers) and the Empire Hotel in Annandale, part of a wider $80.5 million package agreed in January. The Empire Hotel has since returned to the market, while the South Bondi asset remains unresolved.
Adgemis, who was declared bankrupt last year, accumulated more than $1.8 billion in debts largely through personal guarantees tied to his Public Hospitality portfolio, which once included 22 venues. McGrathNicol was appointed receiver over five of those assets in October.
Wallace has separately been active in acquiring other former Adgemis venues, including the Town Hall Hotel in Balmain ($9.5 million), the Rose, Shamrock and Thistle in Paddington (about $20 million), and the Kurrajong Hotel in Erskineville (around $22 million).
Source: AFR.
