Entrepreneur Jon Adgemis has taken Sydney’s hospitality scene by storm, with his pub group Public currently owning an estimated $600 million in assets.
Adgemis’ longtime friend and now business partner, ex-Crown Resorts heavyweight Peter Crinis, shares his vision of creating a different kind of empire.
His approach is to make use of an entire hotel or commercial building, rather than relying on just one source of revenue.
“Most people don’t use levels two and three, they use them for storage,” Adgemis told The Australian. “It gives us multiple revenue streams from a wonderful asset.”
Adgemis’ strategy involves merging an existing sizable property portfolio with the development of destinations that attract repeat customers.
He believes that a quick transition from a purchase to making a profit is essential for his business model.
“We like the idea of getting things to cash,” he said.
Adgemis currently owns seven pubs, with six more under construction, and up to three further sites under consideration for renovations.
He is also looking to expand beyond Sydney. Last year, he bought the Beach House in East Ballina, NSW, for $7 million.
READ MORE: Jon Adgemis new hospitality group revitalises Sydney’s pub scene
Source: The Australian.
