Developments
Melbourne budget hotel hits the market
South Yarra’s Albany Hotel in Melbourne is for sale and is expected to fetch around $16 million.
The 81-room budget hotel opposite Fawkner Park consists of an historic Victorian Italianate mansion and a 1960s three-level, motel-style accommodation block and is owned by computer magnate Paul Holyoake. The hotel has been through a lengthy planning battle in the Supreme Court to gain approval for eight three-storey apartments with roof-top pools and decks designed by Denton Corker Marshall and Carr Design, to replace the 1960s accommodation block plus a major refurbishment of the historic mansion.
CBRE directors Mark Wizel and Scott Orchard are handling the sale of the hotel that is being offered as a development opportunity.
