In 1879 Peter Murphy, wine and spirit merchant, leased premises in George Street from Francois Boudin.

On 28 August 1883 Peter Murphy, then publican and lessee of the Burgundy Hotel, businessman, financier of MacDonnell & East (1901) and Member of the Queensland Legislative Council (MLC, 1904–1922), announced by public notice in The Telegraph his intention to apply for a new publican's license and to build a new hotel on this site.

[1] On 22 September 1883 renowned architect Francis Drummond Greville (FDG) Stanley called tenders for the erection of a first class hotel for Peter Murphy.

[1] In 1906 new lessee Denis O'Connor commissioned architect, George Henry Male Addison to design extensive alterations to the interior.

In 1925 the hotel was further remodelled as part of Peter Murphy's redevelopment plans for upper George Street as a commercial precinct.

The George Street facade has a post supported curved corrugated iron awning over the footpath, and balconies on the upper two levels.

Its prominent location and the intact nature of its external Victorian detailing make this building a notable landmark in this area of Brisbane.

It also provides rare surviving evidence of the former importance of George Street as a late 19th century accommodation precinct.

The Transcontinental Hotel is significant for its strong association with Peter Murphy, Member of the Legislative Council, publican and George Street property speculator, from 1881 until 1925.