Hip new pub (3)
I believe the answer is:
inn
'pub' is the definition.
(an inn is a type of pub)
'hip new' is the wordplay.
'hip' becomes 'in' (both can mean fashionable).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'in'+'n'='INN'
(Other definitions for inn that I've seen before include "watering-hole" , "Pub with lodging" , "Country pub, often with accommodation" , "Hostel" , "pubs?" .)