This article is from the Australian Property Journal archive
A CHINESE investor has bought the Alto Hotel in Melbourne for $19 million on an initial yield of 4%.
The six-level property comprises 50 rooms and was sold by CBRE Hotels’ Joseph Du Rieu and Scott Callow, in conjunction with fellow CBRE city sales agents Josh Rutman, Paul Tzamalis and Lewis Tong.
The site was originally developed as the Railways Hotel around 1860, before being purchased by the Victorian Railways Union and demolished to construct its head office in 1914.
Australian Property Journal
