Chinese investor nabs Melbourne's Alto Hotel on Bourke for $19.2M

In Melbourne, Australia, a Chinese investor has purchased the Alto Hotel on Bourke Street for $19.2 million, according to The Urban Developer, which notes that the property is Australia’s only six-Star NABERS-rated hotel.

CBRE Hotels’ Joseph Du Rieu and Scott Callow, working with fellow CBRE City Sales agents Josh Rutman, Paul Tzamalis and Lewis Tong, sold the freehold via an International Expression of Interest campaign, reflecting an initial yield of four percent.

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Du Rieu said the property attracted a strong pool of buyer interest, with the asset snapped up by a private Chinese investor before the close of the official sales campaign.

The property, which has 50 rooms across six floors, has won several awards from publications and organizations including Conde Nast, Qantas, Trip Advisor, RACV and Tourism Victoria.

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The proposed deal will help the megachain expand its growing all-inclusive portfolio in the Caribbean.

The two hotels, totaling 153 rooms, bring the company to eight open locations.

The Highland Group found extended-stay demand in traditional hotels to be 40 percent higher than in extended-stay hotels.