Meriton to reopen serviced units in economy boost
Multi-billionaire developer Harry Triguboff will stimulate the embattled tourism economy by reopening 10 of his serviced apartment towers in NSW or Queensland each week for the next 10 weeks, but he says people must get back to work.
The Meriton founder, who developed and owns 20 serviced apartment towers in the cities and suburbs of the eastern seaboard and is building a further five towers in Melbourne, Surfers Paradise, the ACT and Sydney, says it is better for his staff, his overheads, and potential guests such as Chinese students for the serviced apartment towers to be brought back to life.
Triguboff, who employs more than 800 office and construction staff, opened his 77 level World Tower Meriton Suites in the Sydney CBD last Saturday, achieving a healthy opening occupancy of about 50 per cent although he conceded room rates were down around 20 per cent.
“If I don’t open my serviced apartments I have overheads I have to pay including land tax and water rates, I have to pay staff … you can’t throw everybody out,” Triguboff told The Australian.
“Generally the occupancies we are getting are 50-60%, that is much better than keeping the serviced apartments empty.”
At the height of the pandemic Triguboff says his offices did not close for a single day. “I said to my staff come to work — for my money I have to see them and they have to see me and see that I am still interested.”