KHP Capital Partners has announced plans to transform the historic Johnston Building into a luxurious 245-room hotel, complete with a first-floor fine-dining restaurant and coffee shop, ballroom, conference room, and rooftop bar. The building boasts over 100 years of history and was acquired by KHP last year from Spaulding & Slye Investments for $19.3 million.
In order to preserve the building’s historical significance, KHP is seeking federal historic tax credits from the National Park Service. This program provides buildings that qualify with 20% of their rehabilitation expenses.
Demolition work on the interior of the building has already begun and construction will pick up in spring this year. The project is expected to be completed by summer 2026.
This conversion marks just one in a series for KHP as they have successfully transformed numerous office spaces into boutique hotels across cities such as Philadelphia, Washington D.C., Chicago,and Portland. In total,KHP has invested $1.25 billion in renovating existing hotel properties and repurposing obsolete real estate into unique hospitality experiences.
