Merivale has purchased its fourth venue on the iconic New South Wales Far South Coast - Lynch's Hotel, one of Narooma's oldest and most historic buildings.
The purchase adds to Merivale's previous acquisitions in the town, including Quarterdeck, The Inlet and The Whale Inn.
Merivale CEO Justin Hemmes is not the only billionaire buying into Narooma.
Gerry Harvey last month set a property sale record for the Far South Coast town when he bought Black Bream Point, a premium holiday accommodation venue on Wagonga Inlet.
Located in Narooma's town centre, Lynch's Hotel features a casual restaurant with indoor and outdoor dining areas, a classic bar as well as traditional hotel rooms with common amenities.
"Every great town needs a great local pub," Mr Hemmes said.
"We have been looking for a heritage pub to further our continued investment in the region and our commitment to the wonderful people who call it home.
"Lynch's Hotel presents great potential in a township I have a strong personal connection with, and I am looking forward to bringing this project to life alongside the local community."
Merivale has reinvigorated its previous acquisitions with refurbished interiors and menu offerings at both the tiki-inspired Quarterdeck, and Queen Chow restaurant at The Whale.
Merivale said it would receive the keys to Lynch's Hotel later this month, with refurbishment plans announced in due course.