It used to be called "Rockman's Regency" - an independent hotel not related to Hyatt.

I haven't stayed at this property before it was even MC. But I hear that it's rated as a 5 star luxurious property.

In MEL , I would recommend the following in pecking order:

1. Park Hyatt
2. Grand Hyatt
3. Crown Casino hotel
4.Sheraton Towers Southbank
5. Westin
6. The Como (independent - but lovely hotel in South Yarra)

For ultra cheap... but literally across the driveway from the Sheraton Towers Southbank is the Travelodge (same name but different calibre from the US ones)... for about 1/3 of the rates of Sheraton. Very nice hotel.. basic but functional.. and sorry, no points. But think of the savings!