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Peyton Manning is opening a bar in Knoxville, and you know Vol fans will love it!

Saloon 16 will be in the lobby of the new Graduate Hotel. Its name was inspired by Manning's nickname, The Sheriff, and his jersey number at UT.

KNOXVILLE, Tenn. — VFL and former NFL quarterback Peyton Manning is partnering with a Chicago-based investment firm to open a high-end, western themed bar in a new hotel just off Cumberland Ave.

Adventurous Journeys (AJ) Capital Partners has acquired the Hilton Garden Inn, according to a press release, which is currently being operated as the Volunteer Hotel. Renovations will begin in December to transform it into the Graduate Knoxville.

Credit: Adventurous Journeys (AJ) Capital Partners

They hope to have it back open by Spring 2020.

In the lobby of the 112-room hotel will be Saloon 16, a vintage saloon-type bar with a jukebox, dart board, and outdoor dining. Peyton Manning is a partner in the bar, which is named in honor of his nickname, "The Sheriff" and his No. 16 jersey number he wore at UT.

This happens to be right behind Peyton's favorite Knoxville restaurant, Gus's Good Times Deli.

That eatery boasts all sorts of signed memorabilia from the Manning family hanging on it's walls.

Peyton visits almost every time he's in town, most recently last football season.

Gus's co-owner Aaron Hale is happy to hear Peyton will be opening his own watering hole next door.

"He's been so good to us over time, way nicer than he even had to be," said Hale. "Hopefully it'll be successful and he'll be really happy with it."

This isn't the East Tennessee legend's first business venture.

Up until last year, he owned 31 Papa John's Pizza locations in the Denver area.

He's also a co-owner of D1 Training gyms in Knoxville and Nashville.

Reasons we all love Peyton Manning:

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Manning congratulates Brees for passing yards record in hilarious video

Peyton, Gov. Haslam and First Lady raise more than $550,000 for Pat Summitt Foundation

Peyton Manning surprises Rogersville Middle School football team with new smart gear

Peyton Manning donates $1 million to UT College of Communications

Peyton Manning's family adopts pup rescued at Neshoba County Fair

UTK students studying abroad run into Peyton Manning

Watch Peyton Manning duet with country star Thomas Rhett at hospital fundraiser

Peyton Manning is back -- as the 'vacation quarterback'

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Peyton Manning recalls why he wanted to come to Tennessee

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