That’s the question an undisclosed private investor may need to think about after paying about $7 million for the Flinders Hotel, about 88 kilometres from Melbourne, on the Mornington Peninsula.
The property includes the business and freehold over the 7336-square-metre site on the corner of Cook and Wood streets.
The hotel has gaming facilities, motel accommodation and an award-winning restaurant.
Flinders is near the other popular coastal townships of Merricks, Shoreham, Balnarring and Cape Schanck, and is holiday home to Mr Elliott and, until recently, former prime minister Malcolm Fraser.
Gross Waddell associate director Joseph Carbone confirmed that the Flinders Hotel had sold, but declined to make any further comment.
The sale follows a string of hotel sales in Victoria over the past year.
The largest was the Beaumaris Hotel, which sold to developer Becton for about $12 million, and is set to become a luxury retirement village.
Other sales include the Metro nightclub in Bourke Street, which sold for $10 million; the Anglers Tavern in Maribyrnong ($9.2 million) and the Gunn Island Hotel in Albert Park ($8.55 million).
Smaller sales include the Station Hotel in Greville Street, Prahran ($4.54 million), and the Bush Inn Hotel in South Yarra ($4.4 million) and the Naughtons Hotel in Parkville ($3.2 million).