Louisville, Ky. – A new eight-story, 34-room hotel has been planned on a decades-old parking lot in downtown Louisville.

A Homewood Suites hotel, catering to extended stay guests, will be part of a partnership between Louisville investor Steve Poe and the Hilton brand, according to an article by the Louisville Courier-Jounal.

In the report, Poe estimates investment in the project to be $23 million.

The news comes as other hotel projects have been announced or are underway in downtown Louisville, such as the 612-room Omni Hotel, which recently celebrated its ground breaking; a 145-room Holiday Inn Express, which is expected to open in April; and a Hilton Garden Inn and an Embassy Suites which recently opened.