Joanna said in her blog post: “If you’ve followed our work, you might notice a pattern — that time and time again, Chip and I are drawn to projects that emphasize the value of home. She explained that the reason why they wanted to do this project was because "it bridges what we’re most passionate about—home, hospitality, and restoration.”

Why do they want to build a hotel?

She said they want to create a place that is “an extension of the way we feel about our own home and all it represents to us, and that every guest who comes to stay would experience that same sense of belonging and community.” She also explained: “What it really comes down to is our desire to create a place where people feel welcomed home.”

The couple plan to transform the building in Waco, Texas into a three story hotel featuring a fine ballroom, restaurant, rooftop terrace, cafe and more, whilst keeping the building’s history intact!

Love it or List It's Hilary Farr attends Rising Stars: Walk The Red Carpet Hello! Hollywood Party during the 2012 Toronto International Film Festival at the Ritz Carlton on September 8, 2012 in Toronto, Canada

What is the famous hostess doing today?

'Love It or List It': This Is Hilary Farr Now

Michael Moloney attends ABC's "Extreme Makeover: Home Edition" Season 9 Premiere on September 25, 2011 in Los Angeles, California

This is what Michael Moloney is doing today!

'Extreme Makeover: Home Edition': This Is Michael Moloney Today