Triguboff targets growth as Meriton tops Australia’s hotel owner rankings
Billionaire property mogul Harry Triguboff is defying sluggish foreign visitor arrivals and a softer domestic holiday market, pressing ahead with plans to expand his Meriton hotel and serviced apartment empire.
Fresh CBRE research surveying 40 hotel owners and operators — covering up to 1,500 hotels and more than 200,000 rooms — confirms Meriton’s position as Australia’s largest hotel owner, with 23 properties and 6,200 rooms. Salter Brothers followed with 34 hotels (nearly 5,000 rooms) and Sydney-based hotelier Jerry Schwartz in third place with 15 hotels encompassing 4,300 rooms.
In an interview with The Australian, Triguboff said his focus was firmly on growth. “I am starting one now in Brisbane in the best position on Alice Street. Brisbane is not like Surfers (Paradise on the Gold Coast); there are not many waterfronts. This one has a waterfront and the beach and everything,” he said.
Triguboff attributed Meriton’s long-running success to offering more space than the typical hotel room. “Because the Meriton Suites apartments are so big, people could share,” he said, adding that $300 was the average room rate.
The veteran developer also pointed to a more favourable development climate. “Councils here in Sydney are becoming normal – they used to be crazy. For four years I did not buy land,” he said.
On the operator rankings, French hotel giant Accor retained its two-decade-long lead with 65,075 rooms under management, ahead of IHG with 13,382 rooms and EVT with 12,728 rooms. Meriton was ranked the ninth-largest apartment manager nationally.
The CBRE survey also recorded portfolio reshuffles, with Singapore-owned Millennium and Copthorne moving from eighth to seventh place among hotel owners after acquiring Christchurch’s Mayfair Hotel, taking its portfolio to 18 hotels and 3,148 rooms. Iris Capital, in 10th place, is currently in the process of trying to acquire a casino and Pullman Hotel in Cairns.
CBRE’s head of hotels research, Ally Gibson, said sector sentiment was cautiously positive despite operational pressures. “Following a strong post-pandemic rebound, the hotel sector has stabilised and for the most part is posting modest RevPAR gains. While headwinds such as operational costs and macroeconomic volatility remain in focus, the hotel sector remains underpinned by long-term growth fundamentals characterised by a positive outlook for inbound demand growth and a contracting new supply pipeline.”
Regional director for hotels valuation and advisory, Troy Craig, added: “When it came to external factors, geopolitical instability, economic uncertainty, and shifting consumer behaviour was cited as having the most significant impact on the hotel sector in 2025/2026.”
The survey found 84% of respondents “somewhat optimistic” about the remainder of 2025 and into 2026. Nearly 65% plan to expand portfolios through acquisitions or new developments, with Sydney and Brisbane topping growth expectations thanks to strong events calendars, constrained supply, and infrastructure spend ahead of the Brisbane 2032 Olympic Games.
Jonathan Jackson, 14th August 2025
