Australian property developer billionaire Harry Triguboff continues to bet on the travel and business accommodation industry and has spent A $22 million renovating his Meriton apartment hotel.
Harry Triguboff is in the lobby of its Sydney apartment Hotel.
With 4686 apartment-style hotel suites in 18 properties in Sydney, Brisbane and Gold Coast, Mr. Triguboff is confident of the travel and accommodation industry in his country.
"the country`s real future lies in tourism," he told the Australian newspaper. International tourists will continue to be attracted to Australia`s clean environment, beaches and warm climate.
But he said the government should recognize and support the contribution of tourism to the economy. He said this year`s federal budget did not provide any support to boost the industry. Mr. Triguboff said Meriton, a large private company, could quickly decide when and where to spend millions on upgrading properties.
"by contrast, many of our competitors, as hotel operators rather than owners, must have a long consultation process with their hotel owners (apartment hotels) in order to get the green light for the upgrade."
Matthew Thomas, general manager of the Meriton suite, said the upgrade began at Meriton`s building in Pitt Street, downtown Sydney, and that the group had completed the renovation of Campbell Street in Sydney`s central business district and Waterloo apartment building in its inner city.
"the Bondi Junction project is currently under way and it will take 12 months to complete all 333 units," Mr. Thomas said.
Meriton will also renovate its Kent Street building in Sydney and two Brisbane apartment-style hotel buildings, he said.
The cost of renovating existing apartments and upgrading the Bondi Junction is about A $22 million, Thomas said-42 new units will be added to, Bondi Junction`s twin apartments as part of the upgrade.
Mr. Triguboff said earlier this month that the housing market had become more severe.
Tighter bank lending restrictions and China`s efforts to curb capital outflows, coupled with soaring supply of apartments, have created a "perfect storm" for developers. Mr. Triguboff said demand for apartments will continue to be weak.
