Longtime Crown Resorts heavyweight, Peter Crinis, is set to emerge at the helm of a hotel company that will list on the Australian Securities Exchange next year, The Daily Telegraph reports.
Mr Crinis will head the PUBLIC group, the brainchild of high-profile deal-maker Jon Adgemis backed by Alex Waislitz-led investment house Thorney.
They plan to float a $400 million hotel company stocked up with cool inner-city and regional properties that appeal to a younger crowd who are taking to drinking and travelling locally while international travel is restricted.
READ MORE: Crown Resorts Sydney chief Peter Crinis steps down.
Mr Adgemis’ Jaga Group has assembled the portfolio over the past six years, which spans 14 hotels in inner Sydney and Melbourne, as well as regional NSW, with additional operated properties in Sydney.
READ MORE: The Gravanis brothers sell Empire Hotel in Annandale for about $20 million.
PUBLIC says there is a gap in accommodation between the traditional short and long-stay markets, which it plans to exploit by developing vibrant and bespoke lifestyle and accommodation experiences, the newspaper reports.
Mr Crinis is said to be the best man for the job. His last role for the James Packer-backed gambling company was as chief executive for Crown Sydney and overseeing the casino group’s hotels nationally.
Source: The Daily Telegraph.
