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Chip and Joanna Gaines give a sneak peek of their hotel renovation

The former "Fixer Upper" stars gave Sunday TODAY host Willie Geist a look at the historic building in Waco, Texas, that they are renovating into a hotel.
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/ Source: TODAY

Chip and Joanna Gaines have given TODAY a sneak peek at their biggest fixer-upper of them all.

The former HGTV stars brought Sunday TODAY host Willie Geist along for a look at their most ambitious project yet as they renovate a nearly century-old building in their hometown of Waco, Texas, into a hotel.

Willie was able to join Chip for his favorite activity, "demo day," smashing apart some walls and countertops at the Grand Karem Shrine Building, a 53,000-square-foot former county office building located just a few blocks away from the couple's Magnolia Market.

The hotel isn't slated to open until 2021, but will serve as a place for the legion of Chip and Joanna fans to stay during their travels to Waco. The three-story hotel will feature a grand ballroom, a full restaurant, a rooftop terrace and a café.

"I would start with what Chip saw in this place because — the story of my life, poor Chip — I get the credit for it, but Chip loved this building for years,'' Joanna said.

"He takes me up to this ballroom, and I could see it. I could see the history."

Knowing their following is so large between their market, restaurant, home goods, books, magazine, upcoming coffee shop and an entire TV network, that they can create an entire hotel to accommodate their visiting fans has been special for the couple.

"It's a crazy honor,'' Chip told Willie. "I've never been a humble guy. You know, that's not a thing that you'd naturally assume about me. But in this experience, it is so humbling."

As if Chip and Joanna don't have enough on their plate with the hotel venture, they also are creating a television network.

Their new Magnolia network will make its debut next year as part of a joint venture between the Gaines' Magnolia brand and Discovery, Inc., with the Discovery DIY Network being renamed Magnolia. They have already announced their first original series, a reality show about a couple juggling parenthood and touring with their band.

They talk about the hard decision to leave "Fixer Upper," as well as possibly adding another sibling to their five children, in the full interview airing this weekend on Sunday TODAY.