Merivale hospitality group owner Justin Hemmes has announced the purchase of his second venue in Victoria.

The Sydney-based billionaire has acquired The Lorne Hotel, a stalwart of the Great Ocean Road for more than a century. Merivale will receive the keys to the historic pub later this year, however the hotel will still trade as normal over the busy summer period.

"The Lorne Hotel is an iconic venue in a truly spectacular location," Hemmes said in a statement.

"It has been an absolute pleasure getting to know John and Paul Upham, who have been the proud custodians of the venue for the last 11 years. We feel honoured to continue their legacy and help usher the pub into the next phase of its incredible 145-year history."

The $38 million Lorne purchase comes after Merivale acquired Melbourne's historic Tomasetti House for $40 million-plus in April. Settlement on the Flinders Lane site will occur later in the year.

Hemmes has been on a spending spree in 2021. Overnight it was announced the bar baron has also purchased Norton's Irish Pub in Leichhardt, Sydney, for a reported $24 million.

Hemmes will receive the keys to his Norton Street boozer in June. The pub will trade as normal for at least the next few months, with plans for the site to be announced in due course.

"It is such a privilege to be part of Sydney's vibrant inner west," said Hemmes. "Every suburb has a unique energy, and their local pubs play a special role in shaping their culture.

"We're excited to not only expand our inner west pub portfolio, but reopen doors to [Rozelle hotel] 3 Weeds, a beautiful and much-loved local institution, this spring."

Hemmes acquired 3 Weeds in 2019. When the pub reopens after renovations, its bistro will be home to Merivale's Mediterranean-inspired Totti's concept, popular for its pillowy bread and grilled seafood at its CBD and Bondi locations.