Chip and Joanna Gaines are planning to open a hotel a few blocks from their Magnolia Market at the Silos in downtown Waco.
Magnolia has partnered with Chicago-based Adventurous Journeys Capital Partners to create a yet-unnamed hotel in the historic Grand Karem Shrine building at 701 Washington Ave.
It will open in 2021.
The plan is to restore the 53,000-square-foot building, which dates back to 1928, and turn it into a hotel with a rooftop terrace, a grand ballroom and street-level restaurant and café. The three-story building has housed county offices.
"Reviving timeless, historical business is at the core of what we do," said Ben Weprin, founder and CEO of AJ Capital Partners. "We are excited to partner with Chip, Joanna and the Magnolia team to bring an authentic hotel experience to the growing and lively community of Waco."
Weprin's group restored The Chicago Athletic Association building on Michigan Avenue and reopened it in 2015 with 241 guest rooms. The company also has 34 Graduate Hotels open and planned in university towns. One is planned for Dallas in 2020.
Dallas Morning News | Maria Halkias
Community News | Eric Medders Realty Group
homes + land + farms + commercial real estate