Four of the men who were at the buck's party were taken into police custody but were later released without charge.
The woman is believed to be aged in her 20s and was wearing a black long sleeved top, blue denim shorts and white runners.
The cause of the woman's death is not known, and she is yet to be identified.
It's been reported that one of the men initially thought the tragic find had been part of "one big stitch-up... but it turns out it wasn't" according to the Herald Sun.
Members of the group were last seen at the Minimalistic Showcase at Cloud Nine, in a King Street nightclub, between 2.30am and 3am.
They told Fairfax Media they had been "stitched up".
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The apartment was being rented out by 11 men, in the city for a buck's party.
The groom-to-be remained inside the hotel lobby, talking on his mobile phone.
Authorities were called to the hotel about 8am on Sunday.
They would not say how they met the woman or who she was.
Detective Nick Densley said an autopsy would be performed as soon as possible.
Police refused to confirm the woman's identity on Monday, despite ruling out foul play.
Anyone with information is urged to contact Crime Stoppers.