THE Man O'Ross Hotel at Ross is back on the market months after coming out of receivership.
But the hotel's owners say they intend to boost the business and are in the historic town for the long run.
Melbourne-based Austpac Resorts and Hotels bought the hotel from receivers in August, and it is offering the hotel in Church Street, built in 1835, for $1.2 million.
John Blacklow, of Knight Frank Real Estate, yesterday said the building was being offered as a freehold investment, and the tenant in September last year signed a 10-year lease with two options each of five years.
Mr Blacklow said there had been quite a lot of interest in the property and the building was solid, the lease long term and the investment offered a 9.5 per cent return.
Austpac managing director Eric Stuebe said his company bought the site from the receivers, after the hotel closed in July last year, because it was the only way of accessing the site.
But Mr Stuebe said the company wanted the sale proceeds to buy new sites and to concentrate on improving the business, which was performing well.
Mr Stuebe said the hotel would become more "authentic" by offering a wider range of Tasmanian food and drink, and the company was working on a weekly event to attract more Tasmanians.
He said that event, which would be offered each weekend, could be a barbecue, wine tasting or some other attraction and would begin in coming months.
"It's gone better than we were told it would," Mr Stuebe said.
"It is already well supported by tourists, but it would be nice for more locals to attend."
He said he hoped people from as far away as Launceston would be regular visitors to the hotel.