Adelaide hotelier buys in Melbourne

Adelaide hotel operator Patrick Farrugia has purchased a Melbourne serviced apartment building for $56 million.

The vendor of 23-33 Lonsdale Street was Queensland property finance group City Pacific.

Its head of property management, Steve McCormick, said settlement is expected with weeks.

Over 29 levels it contains 145 units.

Oaks Hotels and Resorts is on a 10-year lease.