Inn, shortly to be refurbished, accommodating European (8)
I believe the answer is:
hostelry
'inn' is the definition.
('hostelry' can be a synonym of 'inn')
'shortly to be refurbished accommodating european' is the wordplay.
'to be refurbished' indicates an anagram.
'accommodating' means one lot of letters goes inside another.
'european' becomes 'e' (abbreviation e.g. EU).
'shortly' with letters rearranged gives 'hostlry'.
'hostlry' placed around 'e' is 'HOSTELRY'.
(Other definitions for hostelry that I've seen before include "Lodging house" , "Inn, lodge" , "Inn, pub" , "bar?" , "Old word for an inn" .)