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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.

Suggested Articles

Hotels in Chicago, Dallas and Florida's Palm Beach are underway and slated to open over the next two years.

For the week of Nov. 15–21, occupancy dropped to 41.2 percent, down from 43.2 percent the week before.

Two conferences traditionally held in the first half of each year are rescheduling for the second half.