Long-running Launceston institution O'Keefe's Hotel has been bought out by the directors of the well-known vehicle dealership Buckby Motors.
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The deal, which was finalised in late November, was reportedly around the $1.5 million price placed on the hotel when it was put on the market in July last year.
The handover is expected to officially take effect on Monday, January 17, meaning this weekend marks the hotel's last under its current owner Mike O'Keefe.
The O'Keefe family are only the second family to own the hotel in its 115 years on George Street, following on from the O'Neil family, who sold it in the mid-1960s.
Mr O'Keefe - along with his wife and family - ran the pub through to the late 1980s before handing the running of the business to various lease holders over the last 30 years.
Mr O'Keefe, now in his 80s, stepped back in around two and a half years ago, when the COVID disruptions left the hotel needing someone to helm it. Mr O'Keefe said his intention, when stepping back in, was always to sell.
"I'm in my eighties now - the place needs younger people to step in," he added.
The two now stepping in are Buckby Motors directors Crichton Lewis and Ben Newman. Mr Newman commented on the business handover.
"Mike is a very well-respected publican. It's definitely the end of an era."
The hotel is not expected to reopen on Monday but should resume some version of service in days following. No staff currently employed under Mr O'Keefe are staying on under the new owners.
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