Brisbane’s historic Norman Hotel has hit the market with a $40 million price tag.

The Woolloongabba hotel has had its doors open for nearly 130 years and is being sold by the Power family - of Power’s Brewery fame - who purchased it in 2015.

Known by locals as “Brisbane’s worst vegetarian restaurant” for its praiseworthy steaks, owner James Power says when the opportunity arose to purchase the hotel, he thought it would be a great investment.