Despite COVID-19 restrictions and uncertainty with the economy, the impressive resort garnered substantial interest, with JLL Hotels and Hospitality Group receiving multiple bids for the property.

The historic property had been on the market since February and was sold by private treaty to local accommodation operators Tony De Marco and Theresa Albioli, who own The Houses Daylesford and various other businesses in the region.

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The acquisition of the resort - a popular wedding venue - adds to the pair's growing property portfolio, as they already own and manage 65 properties in the area.

Mr De Marco said he had been interested in the "big, iconic building" for a number of years and had jumped at the opportunity when it was put up for sale.

While negotiations on the purchase of the property began months ago, Mr De Marco said he had always had confidence about the purchase.

The 9,739sqm resort in the heart of Hepburn has 43 guest rooms, a large conference and events centre, a restaurant, cellar door wine bar, indoor heated pool, spa and sauna.

The resort is one of the biggest in the region and will complement the new owners' other businesses.

"It was a great opportunity to buy," Mr De Marco told The Courier. "It hasn't been refurbished since it was built in 2005 so we think we can really turn it into something amazing."

Once ownership is transferred in September, a multi-million dollar renovation will begin to transform it into an upmarket five star hotel where guests can find everything they desire in-house.

"There is a real gap in the market for this kind of accommodation around here so we want to make it a destination for people to come to," he said.

"We want to make it a destination for people to come to Daylesford where they will get luxury and quality."

Ms Albioli is a stylist so the renovation will include modern styling similar to how Lewellyn House - near the Convent Gallery - was styled. The building will also be repainted, a lift installed, the downstairs area expanded and the gym and spa areas refurbished to be state-of-the-art.

All of the beds will also be replaced to increase the feeling of luxury at the resort and to bring it into the 21st century.

It is hoped the majority of the works can be completed by Christmas.

Once completed, the hotel will also be more accessible for people other than guests to enjoy a meal or a coffee.

After the takeover, in addition to its other businesses - The Houses, Lost Magazine and The Farm Daylesford - Mr De Marco said he would be employing around 90 full time and part time employees.

Bellinzona was originally built as a guest house in 1903. Just three years afterwards, in January 1906, it was destroyed as a fire swept through the town. It was rebuilt afterwards.

The building has continued to be an icon in the area in the decades since, with hordes of tourists drawn to the area due to its mineral springs.

The Grange Group purchased the property in 1995 and continued to accentuate it until another fire ripped through the property right before a wedding ceremony was due to take place in November 2003.

Extensive repairs were undertaken to restore the architecture, with the opportunity seized to modernise the interior.

JLL Hotels and Hospitality group said it fielded an encouraging amount of enquiries throughout the sale process, despite restrictions put in place to limit the spread of COVID-19.

Associate Nick MacFie said it was great to achieve such a result in the midst of such unprecedented times, during which so much uncertainty exists in every facet of the global economy.

"We garnered a lot of interest... and results such as these will be significant in restoring confidence in the leisure and conference market," he said.

Vice President Will Connolly said the property was offered with vacant possession and appealed to both investors and owner-operators alike.

"The incoming owners now have the ability to leverage off the well-established business and increase trading performance, while looking to further capitalise on, or reactivate, several areas to grow their respective market demand segments."

It is not known how much the resort sold for.