A new hospitality fund, led by Ben Madsen's Archibald Capital, is looking to acquire and revitalize several iconic pubs and hotels in Melbourne and Sydney.
Renowned Australian chef George Calombaris is set to take the helm of a new restaurant at Sydney's Oxford Tavern as part of Archibald Capital's ambitious plan. The investment firm aims to raise $28 million to purchase the pub and five other venues previously owned by the embattled publican Jon Adgemis.
Calombaris, who recently departed Hotel Sorrento, will join the project as head of culinary alongside former Carlton player Marc Murphy, who has been appointed general manager of the fund. The group plans to acquire the Clifton Hotel in Melbourne, home to Guy Grossi's Puttanesca Osteria, and the Saint George, as well as the Kurrajong Hotel in Sydney's Erskineville, the Town Hall Hotel in Balmain, and the Oxford Tavern.
Archibald Capital has outlined plans to renovate and revitalize these venues, including adding new restaurants, bars, and potentially even hotels. The firm has also expressed interest in acquiring the Strand Hotel, Camelia Grove Hotel, Norfolk Hotel, Oxford House, and Exchange Hotel, recently placed into administration.
While Adgemis' name is not mentioned in the information memorandum for the capital raise, his former hospitality empire is clearly undergoing significant changes. As the fund continues to acquire and redevelop these iconic venues, it remains to be seen how the local hospitality scene will evolve.