Joe Maguire's Hotel was purchased off-market by an Ashton Waugh-led syndicate through Xavier Plunkett of HTL Property, via a buy-side mandate.

And while planning is still in the early stages, the new owners say patrons can expect a revamped menu, a family-focused atmosphere, and of course, lots of live country music.

The negotiated sale price is estimated to be around the $2.5 million mark.

The Cannon family, vendors for the sale, have been in hotels for 45 years and had Joe Maguire's Hotel since 2004.

One of the gems in Tamworth's pub belt, Joe Maguire's has seven gaming machine entitlements, 10 accommodation rooms, a large bistro, and a beer garden. The 3500 square metre allotment also has a large area for functions.

The Waugh syndicate also owns the Tudor Hotel in Tamworth, which they've enjoyed a lot of success from.

This is one of the reasons behind increasing their holdings in the Country Music Capital.

A statement from HTL outlines the investment comes as the northern Tamworth growth corridor expects to see 15,000 new residents over the next 15 to 20 years.

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Although still planning, an updated menu, a focused family-friendly environment, and "obligatory live music" are high on the list for the new owners.

"We will also look to maintain and expand a traditional offering for the public bar, gaming room and sports bar," Mr Waugh explained.

"We will look to trade the hotel and expand the business.

"To us, there exists obvious upside in the venue, coupled with the synergies created by our existing management structures in Tamworth."