Venues Update: October 28
LANTERN HOTELS TO SELL ITS PORTFOLIO
The ASX-listed Lantern Hotels, having sold The Commodore in North Sydney for $14.5 million and putting The Ambarvale and Uncle Bucks in western Sydney, approached shareholders at its AGM this week to approve selling its entire portfolio. Sales of assets in the last 12 months halved the group’s gross debt from $80 million on December 31 2015, to $40 million at June 30 2016.
GOLD COAST VENUE OPERATOR TO BE WOUND UP
The Fair Work Ombudsman is proceeding with a Federal Court order it received in August to wind up The Hub @ Mermaid Pty Ltd, which traded as The Hub @ Varsity Lakes. It was accused of not paying the $84,500 penalty imposed last year for underpaying staff.
NAME CHANGE FOR TASMANIAN STADIUM
The Aurora Stadium in Launceston will be rebranded University of Tasmania Stadium from January 1. This follows the end of 12-year partnership with Aurora Energy.
BCEC WINS GREENIE AWARD
The Brisbane Convention & Exhibition Centre (BCEC) took out the 2016 AEG 1Earth Award for Best Waste Reduction. BCEC kitchens prepare 1.2 million meals a year consuming in excess of 500,000 kg of fresh produce. By shrinking the volume of food waste, the Centre has “achieved a substantial reduction in greenhouse gas emissions and costs associated with waste handling, transportation and disposal and time dedicated to handling waste,” it said.
DIXON BUYS SEVERAL KEYSTONE VENUES
After denying it had any interest in Sydney-based hospitality group Keystone (which includes a number of nightclubs), Dixon Hospitality has bought Cargo Bar, The Winery, The Rook, Manly Wine, and Bungalow 8/The Loft. It is also looking at a number of other Keystone properties.
MORE WOES FOR KINGS CROSS CLUBS
The future of Kings Cross venues look bleak following reports this week in News Ltd publications that a consortium of 65 property owners in the Sydney entertainment precinct signed a $500 million deal that will see most of the buildings in the Golden Mile sold for residential developments. This would mean many, if not all, of the area’s nightclubs and music venues shuttered to make way for these.
High profile Kings Cross club owner John Ibrahim twittered that he is involved in the deal.
END OF THE ROAD FOR ADELAIDE’S CROWN & ANCHOR
Long time Adelaide music showcasing venue Crown & Anchor is to be knocked down to make way for a $50 million residential and retail complex. The Grenfell & Union Street property, built in 1853, was bought last month by Karidis Corporation who approached its owners of the past five years, Kevin Gregg and Greg Fahey.