The first building in Eumundi was the Railway Hotel. It is believed to have been moved from the railway workers' Main Camp north of the town in 1891, just before the completion of the North Coast Railway line, which was linking Brisbane to the gold mining town of Gympie and creating towns such as Eumundi on the way. It was soon bought by E.H. Arundell who had moved his general store into the new town too, next door to the hotel.
In 1899 the Hotel's name was changed to the Eumundi Hotel, and then a few years later it was sold to Edgar Jefferies who renovated it and changed the name to the Commercial Hotel. Jefferies renovated the building and sold the licence to a man called Carter but he still owned the building.
In 1912, Jefferies sold the actual building to Carter before announcing that he was going to build another hotel just down the hill (the Imperial Hotel). Carter tried to stop Jefferies building the second hotel through the courts but failed. Carter immediately sold it to J.A. Hourston, who quickly and significantly renovated the Commercial into an impressive two-storey building.
In 1924 the Commercial Hotel burned down in a fire that also consumed the neighbouring stores.
It was soon rebuilt and reopened in 1926. The people who ran the pub, the licences seemed to change every few years for decades.
In 1962 the hotel was taken over by Joe Whiting, a well-known boxer in the region. The Commercial Hotel slowly took on the name of Joe's Waterhole and in 1986 it was officially renamed as Joe's Waterhole by his son Ray, in memory of Joe. Ray continued to run the hotel until it was auctioned in 2005 and sold to Brett Lewis.
After major renovations, the site reopened as Matso's Sunshine Coast Brewery in 2023, having been bought by a company from Broome that specialises in alcoholic ginger beer, which they now brew and bottle in Eumundi.