Built in the early 1960s, this seven-story building was originally home to a chapter of the Independent Order of Odd Fellows, a humanitarian fraternal organization whose community focus remains in the hotel's large shared spaces. An industrial style pervades throughout the lobby, which has poured concrete floors and an open-plan layout that spills into a lounge area.

Right off of busy Victoria Street, the Space hotel sits across from the Old Melbourne Gaol museum at the northern end of Melbourne's Central Business District. The area has fewer shopping and dining options than the southern half of the district, but tends to be quieter as a result. To reach other parts of the CBD, the Melbourne Central Railway Station is a seven-minute walk away. Queen Victoria Market, a bustling hub that sells everything from fruit to souvenirs, is a 13-minute walk away, while Federation Square is a 20-minute trek. Expect a 40-minute drive to Melbourne airport, depending on traffic.

The hotel's 129 rooms are split between shared dorms and several types of private rooms, all with a red, gray, and black color palette. The dorms sleep four to eight people on bunk beds, with flat-screen TVs mounted on the walls and private lockers for every guest. Bathroom facilities are shared, with toilets and showers on each floor. The private rooms come with single or queen beds, along with desks and chairs, iPod docks, and flat-screen TVs. Some have en-suite bathrooms, with the priciest tier adding coffeemakers and furnished private balconies with views of the city.

The hotel's main features are designed around social spaces, from the library lounge to the large guest kitchen, which has a restaurant-style layout with a wall of guest refrigerators and multiple cooking stations. The astro-turf rooftop terrace has loungers and a hot tub overlooking the CBD. There's also a movie room with 24 theater-style seats, as well as a business center with headphones for each computer and a printing service. The Blue Moon Bar hosts daily happy hours and regular theme nights, with casual pub food served in the evenings.