Management at the Abbey Hotel in Bearwood announced the venue would shut at the end of February.
They said functions that had been booked for after then would have to be cancelled.
The announcement has already led to an outcry on social media and talk of a campaign to try to save it. However, the chances of the Abbey remaining as a pub appear to be slim with owner Stonegate confirming it was in the process of being sold.
The company said it had accepted an offer after being approached by an unnamed party. Staff are expected to be offered positions at other Stonegate pubs in the area.
James Emery, an Abbey regular for around 20 years, said the news had come as a 'total shock to staff and regulars alike' and that it was a 'great, old traditional pub' which needed saving.
A statement from Stonegate said: "We are currently in the process of finding suitable employment opportunities for the existing team. It is at the discretion of the buyer as to the future of the property."