Sydney Hotelier Justin Hemmes is Now a Billionaire

Sydney hospitality king Justin Hemmes has broken through the billionaire glass ceiling, taking his family’s fortune from the “m” word to the “b” word.

Hemmes inherited his family’s business, the Merivale Group, in 2015, which he helmed before that since 1997. At the time, the assets included over 70 venues and brands across Australia. The biggest drive for Hemmes breaking the billionaire threshold was the acquisition of the Royal Hotel in Bondi and the George Street entertainment complex next to the Merivale property, the Ivy, bringing his total property portfolio to 89 properties.

Hemmes has also helmed the group to an increased revenue of AUD$50 million over the past 12 months. Bringing all that together gave Hemmes an 11.5 per cent growth increase over the last year, propelling him from AUD$951 million to AUD$1.06 million. That jump pushed Hemmes into the top 100 richest Australians, landing him at the number 88 position.

Check it out