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Co-owners Brent Rands and Jared Aldridge will shut up shop on May 11.
Auckland's Marvel Grill and Fireworks Smokehouse will take over the property.
Operations manager Lauren Law said: "We have exciting plans for the new place, which involve similar menus to Auckland with the grill format, plus a lot of smokehouse dishes and a large, exciting bar concept".
The name of the new restaurant was subject to change but was likely to be called Marvel Grill Queenstown.
Ms Law hoped it would be open by September, after renovations.
Mr Rands, who did not want to comment at this stage, bought the business from Ian and Karyn Mill in 2003. They had owned it since 1993.
The building and property have a history that stretches
back to the 19th century.
It was built in 1863 by Patrick Gantley as a hotel between Arthurs Point and the Skippers Canyon turn-off to service the mining population.
The Mills updated the old Gantley's pub, which in latter years had been known as the Packers Arms.
Gantley's was surrounded by two acres of landscaped gardens, situated 7km from downtown Queenstown.
Sommelier Mr Rands and head chef Mr Aldridge's restaurant had won many awards, including an award of excellence from New York's Wine Spectator every year since 1996.
Ms Law said the new venue would continue to host weddings, conferences and other events.