The Floreat Tavern has been sold to publican Geoff Hayward, the man behind the development of The Brisbane Hotel, Cino to Go and Luxe Bar.
Mr Hayward bought the tavern for an undisclosed sum from a syndicate of owners, made up of mostly local business people, who had owned the site at Floreat Forum for the past three to four years.
Real estate company Jones Lang LaSalle, which manages the Floreat Forum Shopping Centre, said the tavern would close from May for renovations.
Plans for the tavern include an extensive internal and external refurbishment, a name change and total rebranding, before re-opening in November this year.
"Whilst the successful operational elements of the contemporary Brisbane Hotel will be evident, the food, wine and architectural aesthetic will take on a Euro-modern feel," the statement said.
"There'll be a distinct nod toward southern-European cuisine."
Mr Hayward has a history of developing hospitality concepts starting with Cino to Go, a coffee bar he founded in the 1990s before he sold it to Dome group.
He then developed Luxe Bar in 2001 and then Bar One in 2003 before launching The Brisbane Hotel in 2004.
In 2007, Mr Hayward sold The Brisbane Hotel to ING Real Estate Entertainment Fund for $15.3 million and less than a year later, signed a 60-year lease for the venue.