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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.

Easyhotel said that it would focus on France and Spain as part of its “ambitious strategy” for growth.