The St Bathans building, constructed from mud-brick in 1882, will soon be up for tender and marketed overseas as well as in New Zealand.
Director Brian Turner, of Oturehua, said it was time to enhance and broaden the Vulcan's appeal.
New owners with a "fresh approach", along with capital investment, should achieve that.
"We think that it's an appealing commercial property for people with imagination and energy and presents a genuine opportunity not just nationally, but internationally."
Vulcan Hotel Ltd has 46 shareholders and seven directors and was formed in 1987 by people concerned the pub might be closed and the licence used elsewhere.
It was a good time to offer the hotel for sale, Mr Turner said.
Tourism activity was increasing, the Otago Central Rail Trail was becoming more popular and the opening of the nearby Oteake Conservation Park would lead to more visitors in the area.
The hotel is leased to publicans Jude and Mike Kavanagh, who have run the business for about nine years.
Mr Turner said the licensees were on a short-term lease and any new buyer was invited to negotiate a new lease directly with them.
The hotel was recently listed as a category 1 historic place by the New Zealand Historic Places Trust.
The property is being marketed by Michael Tierney, of Ray White, Arrowtown.
Tenders open on October 1 and will close on November 12.
Mr Tierney said overseas marketing would target expatriate New Zealanders.
"And the resident ghost gets a mention in the NZHPT document, so yes, the ghost is most welcome to be included in the sale."
