The president and CEO of a Bozeman adventure company called Off the Beaten Path says an investment group he leads has agreed to buy the old National Guard Armory in Bozeman and turn it into a hotel with up to 80 rooms.

Cory Lawrence tells the Bozeman Daily Chronicle ( that Kelryco Inc. investment group has a buy-sell agreement to purchase the armory from First Interstate Bank in Bozeman for less than $1 million.

He says the hotel will include a restaurant and space for meetings and weddings.

Lawrence says plans are preliminary, with an estimated cost of up to $10 million. The building dates from about World War II and has a 1920s art-deco style that Lawrence says will be highlighted once it's turned into a hotel.