Chip and Joanna Gaines opening hotel in Texas

WACO, Texas — America's favorite home improvement couple is taking on a new project.

Chip and Joanna Gaines, the starts of HGTV's hit show Fixer Upper, announced on Thursday that they'll be opening a hotel in Waco, Texas.

The couple is renovating the 53,000  square-foot Grand Karem Shrine building in the city's downtown area, which is located just blocks from their Magnolia Market.

They plan to transform the nearly 100-year-old building into a three-story lodging facility that features a grand ballroom, a full restaurant, a rooftop terrace and a café.

According to the couple, their team will begin renovations this fall.  They say they can't wait to restore the building back to its "former glory" and are "amazed by the unique architecture."

The boutique hotel is set to open in 2021.