Police are investigating an armed robbery at a Fawkner hotel early yesterday morning.

Investigators have been told two balaclava clad men entered the Sydney Road venue via the rear car park and into the gaming area about 1.35am.

The two men armed with firearms threatened staff and demanded money before fleeing with an amount of cash.

The two men then left the hotel in a black, late model Holden Commodore sedan with a rear spoiler.

Detectives have been told the vehicle was last seen travelling south along Sydney Road, past the Camp Road intersection between 1.40-1.45am

Both men are of medium build and were wearing balaclavas and dark clothing.

One is described as approximately 180cms tall whilst the other man was170cms tall.