Lidcombe hotel among five new Meriton projects
Billionaire apartment developer Harry Triguboff will add a further five properties to his hotel pipeline, concentrating on new projects in Melbourne and Canberra as well as his traditional markets of Sydney and the Gold Coast.
Triguboff’s Meriton Group has just won planning approval to develop a 337-suite property at The Retreat project in the western Sydney suburb of Lidcombe.
Meriton says the Lidcombe development was part of a new hotel pipeline with five new Meriton Suites properties to be built over the next three years, including one apiece in Melbourne and Canberra.
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Nineteen properties are already operating under the Meriton Suites brand with close to 5000 suites, which will rise to 6000 when the new hotels open.
Triguboff says the Lidcombe location, on the doorstep of the ANZ stadium, is ideal.
The hotel will be built on part of a 5.17ha site at 5 Carter St, bought from Goodman Group for $245 million in 2015.
“The population of the area is mushrooming and a lot of people stay short term in the area, and not just to attend sporting events,” he says.
“Not everyone visiting Sydney wants to stay in the CBD when a tranquil setting is a quick journey away. There’s a train station within easy reach of our planned hotel that offers a 30-minute ride to the CBD. That journey will reduce to 20 minutes when the Metro West opens.”
Meriton paid $23 million for a hotel site in Canberra and $29 million for a Melbourne hotel site.
This article originally appeared on www.theaustralian.com.au/property.
