The power couple announced their plans in a video press release Thursday.
"We're going to have a hotel in downtown Waco, Texas," Chip Gaines said.
"We are ready to get started on this iconic building downtown a few blocks away from The Silos," Joanna Gaines said. The Silos is another business the Gaines own in Waco, which includes a bakery and home goods store.
The couple are undertaking a renovation on the 53,000 square-foot Grand Karem Shrine building, which they bought in 2018, with plans for a grand opening in 2021, according to Eonline.
"We cannot wait to restore it back to its former glory," Joanna Gaines said.
The so far unnamed hotel will feature a grand ballroom, a ground-floor restaurant, a rooftop terrace and café and three stories of rooms, E! reported.
The couple, who have five children, announced the end of their popular HGTV "Fixer Upper" series last year to focus on their family and business. Then they revealed plans for starting their own television network.
About the Author