The hotel was bought by a group of Meningie businessmen at auction for $1.25 million in 1989.

Now Bow Jude, Peter Turner and members of the Lokan family have decided to call it a day. At 69 and 84, respectively, Mr Jude and Mr Turner have decided it is time to enjoy the fruits of their investment.

The hotel complex is expected to fetch well in excess of $10 million and the sale is in the hands of Malcolm Steele Hotel Brokers.

Managers Chris and Deb Schumann, who have been at the hotel almost as long as the owners, are coy about their future plans but said they would be on hand to help the new owners or managers.

Mr Schumann said the hotel was unique.

“There are no large hotels on the market at the moment and certainly not with this aspect and position or the prospect of a freehold ownership,” he said.

He confirmed there were no financial difficulties behind the sale. “This is a going concern and tourist operators will attest to the popularity of the accommodation, which has exceptional turnover.”

Ms Schumann said the Ozone had been a special place for many people on Kangaroo Island and there would be great interest in the sale and the new owners.

“Probably half the island has worked here at some stage. People have held their weddings, birthdays, christenings and funeral wakes here,” she said.

She said the hotel had more than 70 employees and paid out $2 million in wages a year as well as more than $80,000 in direct and in-kind sponsorship.

“The Ozone is a real part of the community and even though it is a private business it has always been run as a community-minded hotel,” she said.

Mr Schumann said the hotel, along with Sealink, had been among the biggest private investments on the island in the past 20 years.

The Ozone has had several major renovations in the past 20 years, including the $5 million accommodation project in 2006 and the recent opening of the outdoor dining area.

The hotel will be sold by private bid, with bids opening today and closing at the end of May.

“This is a rare opportunity to obtain one of South Australia’s premium hotels, with a rich history dating back over 100 years,” Mr Schumann said.

“When the hotel sells it will indeed be an emotional time for all of us.”