Prominent Melbourne pub and hotel investor Mazen Tabet has taken advantage of the collapse of once high-flying hospitality group Virtical after buying the Adelphi Hotel on Flinders Lane for just $19 million – a 24 per cent discount on its $25 million sale 18 months ago.

The sale comes less than a week since Nic Natkunarajah from insolvency firm Roger and Carson was appointed liquidator of Virtical on behalf of creditors of the group, and a day after The Australian Financial Review revealed the company owed at least $50 million for fake GST refunds.