Developer Gal Sela acquired this former factory and warehouse in 2012 and immediately embarked on a $27 million hotel conversion. The turnaround was quick, and the Paper Factory Hotel (so named, if you can believe this, for its history as a paper factory) is already open for business. From the outside, the new hotel doesn't betray its industrial past too much, except for the windows, but on the inside its a different story. There are an abundance of original or adaptively reused elements—original wood flooring on the fifth floor, metal siding from the elevators in the lobby, huge front doors made out of the metal from the original floors, and more. In addition, as a nod to the building's history, there is an original paper machine in what will soon be the restaurant/bar, as well as a tower of books. Assorted furniture and other items in the Paper Factory were shipped from Vietnam, China, Morocco, and India, as Sela himself traveled the world personally choosing pieces with which to stock his project. The end result is a hotel that takes full advantage of its industrial feel, with open, brightly lit rooms and furniture to match. Sela says that he could have fit 160 rooms, but opted for only 122 in order to maximize spaciousness. Rates start at around $150/night.