Hugo's Manly, a popular waterfront restaurant on Sydney's Manly Wharf, has been acquired by hospitality investor Artemus Group for $20 million.
All but one of Manly Wharf's venues will be controlled by Artemus Group as part of this deal.
This purchase is part of a broader plan to upscale and rejuvenate the area by Artemus Group. They have also been successful in redeveloping Brisbane's Howard Smith Wharves.
In collaboration with Artemus Group, Hugo's Group will continue to manage the restaurant under the leadership of David Corsi, David Evans, and Daniel Vaughan.
Hugo's brand will remain operational with the same management and staff, while exploring growth and expansion opportunities.
In addition to revitalising Hugo's, the acquisition enhances Manly Wharf's hospitality offerings.
Adam Flaskas and Paul Henry, founders of Artemus Group, have ambitious plans for Manly Wharf. The redevelopment project will include a microbrewery and pub worth $120 million. Using its experience revitalising historic sites, the group envisions the area becoming a premier entertainment and dining destination.
HTL Property's Andrew Jolliffe brokered the Manly deal.