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Chip and Joanna Gaines are opening a hotel — here's everything we know

It's their biggest fixer-upper to date.
/ Source: TODAY

Former "Fixer Upper" stars Chip and Joanna Gaines have a lot going on between their market, restaurant, home goods, books, magazine, upcoming coffee shop and an entire TV network — not to mention raising five kids — but that doesn't mean the Magnolia duo can't make time for one more project.

And this one is a biggie.

As revealed on TODAY Thursday morning, the home improvement gurus plan to take their renovation skills to the next level by fixing up a home away from home that their fans will be able to stay in one day.

Chip and Joanna are going into the hotel biz!

This rendering offers a sneak peek at Chip and Joanna Gaines' new project.
This rendering offers a sneak peek at Chip and Joanna Gaines' new project. Magnolia

"Home is a feeling, created by and for the people you love and share your life with; it’s a state of being known and loved just as you are," they explained in a press release. "That is our dream for this hotel — that it would serve as 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."

The couple will make their dream come true by converting a 53,000 square-foot former county office building — located just blocks from their Magnolia Market in downtown Waco, Texas — into a three-story lodging that will feature a grand ballroom, a full restaurant, a rooftop terrace and a café. And, of course, it will also feature the style that fans of the HGTV stars have come to expect.

Or, as the press release put it, "The hotel's design will evoke Joanna’s affinity for timeless, classic details, while also preserving the building's rich history and highlighting its distinctive architectural features."

Magnolia will team up with the private real estate company Adventurous Journeys Capital Partners to make their as-yet-unnamed hotel a reality.

There's just one thing fans should know before planning their very own Waco vacation around the venue — it's not slated to open until 2021. Fans can find out more about the project on their website.