It's called the Beehive though, has the same kind of lurid, even tacky, decor and clientele, and even has a scene where you have to get on stage and dance! (Just an emote here, thankfully). It's obvious it was meant to be referencing the Honeybee Inn in FFVII.

Of course neither the Beehive nor the FFVII Remake version of the Honeybee Inn is like the original game's one... where it was rather more shady and.... scandalous.