After closing two years ago and falling into disrepair, The Esplanade Hotel in St Kilda may be finally getting a revamp.

The 139-year-old landmark and live-music venue has been purchased by Sand Hill Road, whose portfolio includes Richmond’s Terminus Hotel and Bridge Hotel, and Garden State Hotel on Flinders Lane. The Age reported the deal is expected to be finalised this week.

Listed with the National Trust in 1990, the hotel will reportedly receive a ground-level beer garden and general construction and repairs. Current owners Paul Adamo and Vince Sofo had plans for a rooftop terrace, but they are expected to be scrapped following concerns about noise.

With a 3am liquor licence, “The Espy” was a popular late-night spot in its prime, with its many band rooms hosting a plethora of emerging acts and big names such as Paul Kelly and Jet. Even American writer Mark Twain reportedly stopped by in its early days.

A hospitality source told the Age the new owners are committed to retaining the building’s live-music history and heritage appeal.