The Baggot Inn, on Baggot Street in Dublin, is to close for renovations until December.
The €200,000 lease for the landmark pub was sold by Louis Fitzgerald to publican Alan Clancy during the summer.
According to The Sunday Times, Clancy is believed to be turning the pub into a themed bar.
Clancy also operates 37 on Dawson Street and House on Leeson Street.
The paper notes that the Baggot Inn has seen difficult trading conditions in recent years. However, the Lower Baggot Street area is currently seeing a raft of developments and a surge in popularity, which may help the pub.
Foley's is just one of the premises in the area that underwent a revamp following its sale earlier this year. In addition, publican Frank Gleeson has received planning permission to develop the former Il Segreto restaurant and the Merrion Hotel is planning an extension next year.