Boutique Hotel Investment

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Looking in to purchasing a small 20 room boutique hotel in need of major renovation ($1-1.5m). The property holds contributing historical designation, so will have renovation constrains to take into account. This would include taking the property from a 20 room down to 12 to allow each room it's own bath, which will cut into nightly profits. Looking for guidance from others who have taken on a project of this scale, worked within historical property renovation and operation of the hotel once completed. Also curious if anyone has had success with any grants on historical renovations, or similar programs to assist with cost.  

@Erin Hogue do feel free to leave this post here if you would like but I think this might be a better post in the commercial forum.  This forum is more for residential properties.  You might get some responses here...but I think you will get a whole lot more in the commercial forum.  Just a thought.