Peter Monahan, local businessman and past chairman of the Gettysburg Convention and Visitors Bureau, and wife, Elizabeth, recently purchased the school building to convert it into the Federal Pointe Inn, the release stated.

The transaction occurred this week for about $500,000 and renovations are expected to cost about $1 million, Monahan said. The Meade School was built in 1896, according to the release.

Monahan said he always has loved history and dreamed of having his own historic inn. The Meade School is the perfect building at the perfect location, he said.

Monahan has been the general manager and managing partner of the Quality Inn at General Lee's Headquarters, a Choice Hotels International Inc. franchise hotel, for the past 17 years, he said.

Mohanan will manage the Federal Pointe Inn, according to the release. The hotel will be part of Choice Hotels International's Ascend Collection for "unique and historic properties," Monahan said.