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Grollo family sell Kooroora Hotel on Mt Buller after 20-plus years
Melbourne's wealthy Grollo family have sold the Kooroora Hotel on Mt Buller in a $3.8m deal that's believed to be the biggest so far this year for the mountain.
The Grollo Group, owned by the prominent construction and property family that first made headlines under the guidance of Bruno and Rino Grollo, bought the alpine watering hole in 2004.
They have subsequently redeveloped the Kooroora site, including adding apartments and refreshing the basement nightclub, with the recent hotel sale just a fraction of the wider properties now at the address.
Melb's biggest eyesore seeking $60m+
The family still owns significant chunks of the mountain under its Buller Ski Lifts firm, including the Mt Buller Chalet Hotel and the ABOM Hotel, as well as the nearby Mt Hotham airport, which it bought in 2023 for more than $6m, and plans to further develop.
It's not the first time the Grollos have been behind a major sale on the mountain, having made headlines in 2012 as they sold off 17 properties in one afternoon as part of one of the biggest sell offs ever recorded for Mt Buller.
Their latest sale attracted offers from 27 groups for the popular hotel, with the property ultimately sold to a Melbourne-based high-net worth individual.
The hotel, set on 811sq m in the heart of the mountain's main village square, and includes a licensed bar and a basement nightclub, with an eight-year lease in place, and options for another 10 years for the Maisano Group that are currently running the venue.
It currently pays $259,192, plus GST, a year in rent
The 18-room Kooroora apartment complex above the hotel was not part of the sale.
The sale was arranged by commercial real estate firm Burgess Rawson from CBRE's Raoul Holderhead and Mark Foster as well as John Castran, of Castran Real Estate.
Mr Holderhead said he believed the result was the biggest this year on the mountain, and noted that the vast majority of the interest had come from Melbourne-based parties who already owned property on Mt Buller.
Mr Foster said the recently renewed lease and the location had helped lure in buyers.
'The sale of the Kooroora Hotel confirms the strong investor demand for well-located hospitality assets in key regional centres,' he said.
Mr Castran said the sale showed the mountain's continued appeal for tourists.
'The Kooroora Hotel benefits from consistent year-round trading and a loyal customer base, underpinning its strong investment fundamentals,' he said.
