"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.