The couple has sold the iconic Mickey Bourke's Koroit Hotel and will say farewell with one last bash.

An expected full house for the Great Victorian Bike Ride on Saturday will be followed by a farewell session, complete with live music, on Sunday.

It will be a fitting way to say goodbye for the Murleys, who have made the famous hotel a focal point when a party was to be had in the town over the past 22 years.

Mrs Murley said it had been an unbelievable ride since taking over the hotel in late 2000.

"It's mixed feelings at the moment," she said.

"We are looking forward to taking a step back, we have a property in Yangery where we will run beef cattle and a house that needs renovating.

"But we will miss the pub, it's been a big part of our life.

"Our boys were three and five when we moved here from Alice Springs, so Koroit is where they have grown up.

"The community has been an amazing support to our family and we have made a lot of good friends here.

"Koroit has changed a lot in our time but it has kept that strong feeling of community, and I think that is because young families is where the growth is and that keeps the community feel."

Mrs Murley said her family was proud of what it had done with the hotel.

She pointed to strong support of live music and the hotel's standing as a place the community felt comfortable to meet.

The Murleys have also built on the hotel's Irish heritage.

With Guinness on tap and Irish flags on the walls, the hotel has become a centrepiece of the town's claim to be the most Irish in Australia.

Mickey Bourke's has become a must go to for visitors who flock to the town for Celtic-themed events such as the Koroit Irish Festival and Koroit Lake School.

The hotel was built in 1853 and has forged a reputation as one of country Victoria's most intriguing venues. The hotel is named after a charismatic former owner, the late Mickey Bourke.

Its new owners will be Peter and Janet Archbold.

"We are thrilled to have handed the hotel to Peter and Janet," Mrs Murley said.

"There are very experienced and they know the history of the hotel and why it is so special to so many people.

"They are not going to come in and make wholesale changes."

Mrs Murley said COVID provided the biggest challenge of the family's time in the hotel. She said community support was vital in the business surviving this period.

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