The new owners of The Athlone Springs are planning to invest €1.5m into upgrading the hotel which was sold as a going concern last August.
Pat McDonagh, founder and CEO of Supermac's, and his wife Una snapped up the four-star hotel in the region of €4m.
It added to the SÓ Hotel group portfolio which includes Galway's Lough Rea Hotel and Spa, Limerick's Castletroy Park Hotel, the Killeshin Hotel in Portlaoise and the Charleville Park Hotel in Cork.
Opened in July 2007, the hotel is located just off the M6 Dublin-to-Galway road, employs around 100 people in the Midlands region.
Mr McDonagh said the development has "gotten a bit tired" but modernisation plans "from the ballroom to the bedrooms to the leisure centre" will secure existing jobs at the site.
Some of the renovation work has already begun but hotel guests can also expect the level of entertainment and events in the hotel to increase as well.
"We will be looking to increase the numbers of weddings with the overhaul. But, also, leisure and corporate are a huge part of business at our existing hotels so we'd be looking to increase that side of it with additional conferences etc" said Mr McDonagh.
"The existing bar and restaurant area is also quite small, so we are looking to expand the size of that also. We'll become an attractive location for locals looking for a night out."
Mr and Mrs McDonagh also added Castle Oaks House Hotel in Castleconnell to the group shortly before Christmas; the Limerick site had been given a guide price of up to €2.75m.