After a tumultuous few months, Public Hospitality has been successfully refinanced after the completion of an initiative led by Deutsche Bank.
The news was announced by JAGA, the privately owned property group of Public Founder and Owner Jon Adgemis.
Adgemis struck a deal with Archibald Capital, Deutsche Bank, GEMI Investments, and Muzinich & Co to save Public, which has seen multiple high-figure exits and venue closures this year.
“We are thrilled to have successfully secured this major refinancing,” says Adgemis.
“This transaction underscores the confidence that our financial partners have in both our real estate assets and our long-term vision for the business. The strengthened financial foundation will allow us to accelerate our strategic initiatives, enhance our properties, and further elevate our exceptional property portfolio.”
Adgemis is set to focus on the development of properties in the coming months, with the new financial structure enabling “the group to undertake significant property improvements” to hotels located in Bondi, Darlinghurst, Potts Point, and Annandale.
The group has also confirmed the restructure of Public’s operational management team, with new appointments to be announced shortly.
Both The Australian and the Herald Sun have reported George Calombaris is one of the new appointments, with the chef taking to Instagram to confirm he has accepted a culinary director position at a “major hospitality group in Sydney” beginning next month.
Calombaris also confirmed he has finished up at Victoria’s Hotel Sorrento after a two and a half year stint, which originally started as a 12-month contract.
The chef originally joined Public as a culinary consultant back in March and was tasked with ushering in a new chapter for Greek restaurant Alpha, which Public lost to Dedes Group in June.
