Jon Adgemis picks up Camperdown’s Lady Hampshire
Ahead of a float, Jon Adgemis’ Public Hospitality Group has paid c$11 million for Camperdown’s Lady Hampshire Hotel.
With a 24 hour liquor licence, the venue, 91 Parramatta Road, will be the operator’s fifteenth freehold going concern; it runs another pub care of a leasehold.
The group recently raised c$58m via convertible notes, and promising a 12 per cent per annum return, to acquire under-utilised hotels in Melbourne, Sydney and regional New South Wales.
Mr Adgemis, who formerly led KPMG’s mergers and acquisitions department, is also an investor in software technology company Skyfii.
Following the Camperdown deal, PHG’s portfolio is worth about $400m.
Lady Hampshire
On 523 square metres, the Camperdown block has mixed-use development potential, with a height limit of c22 metres.
The Lady Hampshire includes a public bar with nine electronic gambling machine entitlements.
There are also 12 guest suites (story continues below).
Publican Paddy Coughlan undertook a c$1m renovation six years ago before selling the asset in 2018, reportedly to five former St Joseph students including Parker Cellar founder Greg Parker and former Park Hyatt concierge Chris Traill, who offered the leasehold in 2019 (at the time weekly revenue was put at c$60,000).
JLL’s Kate MacDonald and John Musca brokered the latest sale off-market.
“We’ve been besieged with interest in city fringe hotels…as private owner, or lessees, have actually succumbed to operators ‘COVID fatigue’ and look to divest their assets whilst underlying and gaming asset values reflect an escalating trajectory,” the agent said.
“The limited asset supply and core investment attributes will continue to fuel rhythmic sector activity this year, with mooted interest rate movements unlikely to have any significant bearing on the capital appetite for this hotel sub sector,” Mr Musca added.
The Lady Hampshire acquisition comes five months since PHD acquired Annandale’s Empire Hotel from Bill and Mario Gravanis’ Oscars Hotels.
Not long earlier, Mr Adgemis paid $17m to the same vendors for Darlinghurst’s The Strand Hotel.
Early last year, it spent a rumoured $16m on Alexandria’s Camelia Grove Hotel.
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