Jon Adgemis’ Kurrajong Hotel sells for about $20m
A Sydney hotel owned by embattled pub baron Jon Adgemis before it was taken over by a lender has sold for about $20 million, despite not reopening after an extensive renovation.
The Kurrajong Hotel at Erskineville in Sydney’s inner west had been acquired by the former KPMG deal maker’s Jaga Group – now known as Public Hospitality Group – in 2019. It was then significantly revamped through its main bar, kitchen, bathrooms and accommodation rooms, with a third floor also added to the establishment.
However, as Adgemis struggled with mounting debt – about $1.8 billion is owed to his creditors – following his rapid expansion during the COVID-19 pandemic, Australia Pacific Mortgage Fund repossessed the venue in 2024.
Kurrajong Hotel did not reopen after the extensive renovation and was listed for sale in May this year with $20 million price expectations.
The hotel is now in the hands of Millinium Capital Managers’ Tom Wallace, according to industry sources. Wallace has previously purchased the Town Hall Hotel in Balmain and Three Weeds in Paddington from the Adgemis portfolio, property records show.
“The transaction reflects the continued and patent strength of the Sydney pub market, with significant interest from a broad range of buyers attracted to the hotel’s prominent corner position and strategic location with regard the city fringe,” said HTL Property’s Dan Dragicevich, who brokered the latest sale with colleague Andrew Jolliffe.
The Kurrajong Hotel is one of many establishments formerly owned by Public Hospitality which have either been listed for sale, have sold, or removed from the market since Adgemis’ debts were revealed.
Established in 2021, Adgemis’ pubs empire held a portfolio of more than 20 venues across Sydney and Melbourne at its peak. But financial difficulties led it to the brink of collapse last year before part of the business was rescued through a $400 million refinancing agreement led by Deutsche Bank.
Since then, Three Weeds, the Town Hall Hotel and now the Kurrajong Hotel have all sold.
New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for five of his Sydney pubs; Oxford House, The Exchange, The Norfolk, The Strand Hotel and Camelia Grove Hotel. They have since been taken off the market.
On the market still is the Clifton Hotel in Kew, in Melbourne’s inner east, which was put up for grabs in August. It could fetch about $8 million.
The Kew hotel was once also home to Grossi Group which opened the restaurant Puttanesca with Public Hospitality. However, at the start of this year, the Grossi family ended its association with the company, saying they didn’t “share the same business values”.
