Welcome to Owl's Bar, formerly the Sleeping Giant Tavern, located in the village of Phandalin.
When a group of young adventurers ran off the Redguard bandits, who frequented the tavern, the previous owner then fled, fearing that his connection to them might lead to reprisals from the townsfolk. Seeing an opportunity to establish themselves in the town, the adventurers cleaned up the place and renamed it Owl's Bar (they mounted an Owl Bear head above the entrance and added more inside). They also turned it into not only a bar, but a brothel.
It was said of the original establishment that it “was as dirty and dangerous as its rough inhabitants”. This has not changed much. While it is kept considerably cleaner, it might be even more dangerous, as anyone causing trouble is likely to meet a violent and untimely demise. If not at the hands of the original adventurers who now reside there, then at the hands of the goblin who manages the establishment.
It has become a gathering place for spies and the local thieves' guild is run from the basement. Many adventures have begun from inside it's now famous walls.
Since then the band of adventurers has been known as the Owl's Bar Adventuring Group (OBAG).
All of this may or may not have actually happened.