Metrics Group has abandoned plans to redevelop an idle hotel into a 16-story luxury apartment building, opting instead to renovate and reopen the property to guests. The hotel, which has stood vacant for two years, was initially slated for a major transformation, but those proposals have since been discontinued.

In addition to its involvement with the hotel, Metrics has taken on the appointment of receivers for the Wahlburgers restaurant chain, owned by the Mustaca family. The firm's recent financial interventions also extend to a struggling property development site in Byron Bay associated with the same family.

Metrics’ portfolio includes the Sydney-based Rockpool restaurant, previously under the ownership of a private equity fund that has since collapsed, with Metrics now assuming control of the asset. Despite these challenges, the group maintains significant ongoing investments in property, including a $1.8 billion development in Five Dock undertaken in partnership with Deicorp. Additionally, Metrics is engaged in a large-scale luxury apartment and hotel project in Sydney’s Central Business District in collaboration with Bilbergia.

The delay in decisions surrounding several of these assets has been partially attributed to the recent death of a key auditor, which has affected the progress of financial reviews. KPMG, the firm responsible for auditing the entities connected to Metrics, remains actively involved in completing outstanding audits. A spokesman for KPMG confirmed that work continues in cooperation with company boards and management to finalize the audits by the September 30, 2026 deadline.

As Metrics navigates these financial and operational challenges, the company appears to be stabilizing its holdings while moving forward with select redevelopment projects in New South Wales.