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Melbourne's Alto Hotel Changes Hands

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A Chinese investor has snapped up the iconic Alto Hotel on Bourke Street.

According to the Australian Financial Review, the hotel was sold for $19.2 million.

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

Opening in 2006, Alto Hotel on Bourke remains Australia’s only 6 Star NABERS rated hotel.

CBRE Hotels’ Joseph Du Rieu and Scott Callow, in conjunction 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 4 per cent.

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Article originally posted at: https://https://theurbandeveloper.com/articles/alto-hotel-melbourne