Real estate services and investment firm CBRE has been appointed to sell the hotel, owned by Matt Zell for almost a decade.

Mr Zell sighted favourable market conditions in both the hotel and development space and the family’s desire to move into alternate investments as the catalyst for the sale.

“We are thrilled to be taking the property to market at what we consider to be the perfect time,” he said. 

“We have always considered the property to be a longer term development site given its specific attributes and premium positioning within the CBD.”

CBRE spokesman Ben McDonald said they were selling the site as a “freehold going concern” as it provided existing operational income, but was also ideal for development.

He said it would appeal to a variety of buyers, including private hoteliers, commercial property investors and developers looking to capitalise on what was “a significantly underutilised site”.

There was also the ability to purchase the hotelier’s licence and 10 poker machine entitlements separately if required, Mr McDonald said.

“While the Imperial Hotel has a long and colourful history, the demand for quality regional pubs with significant development upside is very evident in the market,” he said.

CBRE is also promoting the “mixed use” zoning of the site, which allows for a variety of uses.

Expressions of interest opened last Saturday and close on July 12.