The Ibis Budget hotel on 101 Elizabeth St was put up for sale in June.
The three-star hotel has a central location between Collins and Bourke streets, with an immediate proximity to Flinders Street Station. The building has a notable Victorian – era façade and sits on a main shopping thoroughfare.
It features 146 refurbished guest rooms, a reception area and a food and beverage outlet.
CBRE Hotels’ Scott Callow and Wayne Bunz have been appointed to oversee the sale process.
“The Ibis Budget is modern and ideally located in the heart of Melbourne’s CBD, close to transport hubs and sporting, retail and business centres,” Mr Callow said.
Mr Bunz said that hotel markets continued to see new supply nationally, with a main focus in the four- to five-star sector.
“Economy hotels have become less viable to develop in CBD locations, which makes existing opportunities even more valuable,” Mr Bunz said.