A Sydney hotel once owned by pub baron Jon Adgemis has sold for about $20 million after being repossessed by a lender amid his mounting debts.
Adgemis’ Jaga Group, later rebranded as Public Hospitality, bought the Kurrajong Hotel in Erskineville in 2019 and undertook an extensive renovation, adding a third floor. However, the venue never reopened and was taken over this year by Australia Pacific Mortgage Fund, which listed it for sale in May.
The deal adds to the unravelling of Adgemis’ hospitality empire, which at its peak held more than 20 pubs across Sydney and Melbourne.
Weighed down by about $1.8 billion in debt following rapid expansion during the pandemic, several of his venues have since been sold, including the Town Hall Hotel in Balmain and Three Weeds in Paddington.
A $400 million refinancing led by Deutsche Bank rescued part of the business last year, but multiple pubs remain under receivership or on the market.
Source: AFR.
