Co-owners Craig Shearer and Jason Sheather will have an advisory role with new owners Dixon Hospitality, which owns 30 venues across Melbourne and Sydney.

The transaction also covers Beer DeLuxe hotels in Melbourne's Federation Square, Wagga, Sydney and Brisbane, but Albury's Soho bar and eatery is not included.

Mr Shearer said the partners had not sought a buyer.

"It was an unsolicited approach from Dixon Hospitality earlier this year," Mr Shearer said.

"We had no intention of selling the group.

"We were quite excited about the expansion and where we had got the business to, but the offer was something that was of mutual benefit to both parties."

Mr Shearer, who oversaw a $3 million overhaul of Soden's and the launch of Beer DeLuxe at the New Albury Hotel, said the sale had generated "mixed emotions".

"When you put your heart and soul into something over a decade there's a tinge of sadness, but it's an exciting project for myself and Jason and our families and that was probably the thing that got us over the line," he said.

The deal is expected to result in some of Dixon Hospitality's hotels being rebranded under the Beer DeLuxe banner.

"We've had a clear vision and goal for the business to take it national and the new owners share that vision," Mr Shearer said.

The Wagga and Sydney Beer DeLuxe establishments opened last December and the Brisbane outlet is under construction and expected to be trading by the end of the year.

Mr Shearer does not expect Soden's to be greatly affected by the deal.

"Soden's is a good, honest, community country-based hotel, there's no intention to change it from its current format," he said.

About 100 staff are employed across Albury's Beer DeLuxe and Soden's with up to 400 across all hotels in the sale.

Mr Shearer said the offloading of Dean Street's Soho to Dixon Hospitality was considered.

"It was discussed but it probably didn't have the size and scale the new operators are looking for and because it's a new business it's hard to agree on a valuation," he said.

The sale to Dixon Hospitality is expected to be finalised in 60 to 90 days.

Dixon Hospitality was formed in 2012.