Hotel magnate Justin Hemmes has made his debut into the Australian Financial Review’s Rich List, thanks to a stonking $951 million family fortune and the growing value of the bloke’s 70-odd commercial properties.

Thanks to the continual popularity and valuation of his Merivale holdings, which include Sydney mainstays The Ivy and the Establishment Hotel, the 45-year-old has popped onto the list in 78th place.

That good news for Hemmes comes after some good news for the city’s thirstiest units. Merivale announced that patrons to its 37 properties across the city will be granted drinks for 49% off their RRP each arvo in June.

Whether the combined thirst of Sydney is enough to deplete Hemmes’ frankly gargantuan fortune is yet to be seen.

AFR reports that property magnates make up 51 of the 200-strong list, which will drop in full tomorrow.

Source: Australian Financial Review
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