Is it last drinks for Jon Adgemis’ Public Hospitality Group, the pub and hotel roll-up that has been attempting to refinance $450 million in debt for months? The former KPMG dealmaker is considering splitting the portfolio, which includes Sydney’s The Strand Hotel and others, sources said.

Street Talk has been told that Adgemis is no longer working with KPMG partner and head of real estate Tony Moussa, who had been leading the slated refi. There has been plenty of activity on this front, as this column reported in July. Credit funds and institutional debt investors with an appetite for hospitality-focused real estate assets have all been canvassed.