Public House Management Group have sold both Bistro Moncur and the Woollahra Hotel.
Image: (c) Google 2019
CEO and Founder Mitchell Waugh’s portfolio reshuffle continues. After exiting from The Buena, Mosman, along with its Bistro Moncur offering at that venue in September 2018, Public House Management Group (PHMG) today revealed the sale of both Bistro Moncur and the Woollahra Hotel.
A PHMG spokesperson has revealed the buyer of both venues to Australian Hotelier, saying “Bistro Moncur and the Woollahra Hotel has been sold to other members of the Waugh family. Owner of Public House Management Group, Mitchell Waugh has bought out investors and now owns in its entirety The Royal Paddington, The Toxteth and the Marrickville Ritz.”
The divestments come after the major purchase of The Toxteth Hotel in Glebe back in February 2017 for $22m from Geoff Dixon and John Singleton’s Riversdale Group.
Waugh will retain his position as the head of PHMG, owning in entirety the Royal Hotel Paddington, The Toxteth and Marrickville Ritz. PHMG confirmed there are “reimagined plans for each of the three venues and plans for future acquisitions.”
Announcing the sale of The Buena and Bistro Moncur Mosman last September, PHMG had confirmed significant reinvestments would be made into two of its key hotels: The Woollahra Hotel and The Royal Hotel Paddington, but the portfolio shuffle will clearly impact on those plans.
A PHMG spokesperson said, “Although it was part of the plan last year, as Public House Management Group no longer own The Woollahra Hotel, they will not be renovating the venue.
“The Toxteth was refurbished last year. The future will see works done to the Royal Paddington and Marrickville Ritz. PHMG plan to submit a DA for a restaurant at the Royal, expanding the Elephant Bar, and providing a view of the bay. This will of course pend DA approval.”
Mitchell Waugh, CEO and Founder, Public House Management Group says:
“Saying goodbye to Bistro Moncur is bitter-sweet for us, this was our first venture in the restaurant business, and we have thoroughly enjoyed growing in this space. We took some great learnings from restaurant ambassadors Guillaume Brahimi and Damien Pignolet and there is a vision to increase the food offering of the group in the near future.
“This change brings great excitement for the wider stable of venues and the growth of the business. We have already commenced plans to reimagine our existing venues and acquire new ones, the future is certainly bright for Public House Management Group.”
Mitchell Waugh and wife Harriet Waugh will be stepping away from the Woollahra venues in mid-April 2019 to focus on the rest of their portfolio.
Mitchell Waugh has been at the helm of Bistro Moncur and the Woollahra Hotel since the Waugh family purchased the venues in 2015.