The Vault: A historic bank building transformed into a luxury boutique hotel

When I was growing up in Michigan’s Keweenaw, the northernmost reaches of the state’s Upper Peninsula, accommodation choices for travelers were limited. There were a few roadside motels, historic lodges with rustic cabins, and bed-and-breakfasts housed in the grand homes of former mining captains. Then, in the early ’80s, Best Western opened a property. Now there are multiple chain hotels in the area. But until recent years, there haven’t been any luxury properties. Then, in 2019, The Vault opened its doors. 

As its name implies, The Vault is located in the imposing red sandstone Houghton National Bank building. The three-story building, set on a prime corner in downtown Houghton, was built between 1887 and 1889. Its rough-cut Jacobsville sandstone facade and towering arched windows are typical of the Richardsonian Romanesque style popular at the time. 

Following the building’s grand opening, the local newspaper, The Daily Mining Gazette, wrote, “Nothing equal to their brownstone arched and plate glass front, their massive antique oak counter, doors and wood finish, their long line of side windows, and their great floor space and height of ceiling—can be found in any other banking establishment north of Milwaukee.” The bank’s original name and year of establishment are still boldly displayed on the structure’s parapet.

The landmark building remained a bank until 2017, when it was purchased by Jennifer and Jonathan Julien, owners of a design/build and property investment firm. Following an 11-month-long total gut restoration, the couple opened the building as The Vault, the city’s first upscale boutique hotel. The first guests arrived on Sept. 3, 2019.

Where Past and Present Meet

The first thing guests notice when they enter The Vault is the seamless blend of funky, contemporary design and original historic elements. The interiors celebrate the building’s past while adding sleek modern touches and luxurious comforts that cater to discerning travelers. 

For example, there’s no check-in desk. Instead, replica bank teller stations crafted of dark wood, marble, and brass line one wall. A telephone connects to staff who are on-site but working behind the scenes. This creates a sense of privacy in the lobby, which also includes a large co-working island and a snack bar, complete with complimentary chilled beverages, hot coffee and tea, and snacks.

Breakfast is also served in the lobby. The casual grab-and-go meal includes fresh pastries, yogurts, fruits, and other dishes from the next-door Four Seasons Tea Room and local Keweenaw Coffee Works, which is located in Calumet, about 20 miles north of Houghton. If there’s no seating at the lobby island, a lounge room with multiple seating arrangements and a cozy fireplace is just off the front entrance. You can enjoy your breakfast here, dine on food brought back from local restaurants, or even spend the afternoon working while watching passersby through the large corner windows. In addition, this room really showcases the original brickwork and even some of the original dentil crown molding that was once used throughout the property.

There’s no on-site restaurant, but the hotel is located within steps of some longtime Houghton favorites, including the historic Douglass House Saloon, The Library bar, and Suomi Bakery.

Banking on a Great Experience at The Vault

There are 17 guest rooms in The Vault. Two rooms have two queen-size beds. The remainder have single beds, mostly king-size. The rooms are divided between three floors. And keeping with the bank theme, each floor has a theme: “New Money,” “Old Money,” and “Found Money.” 

Each floor has its own unique decor, including eye-catching wallpapers in the hallways and guest rooms. For example, “Old Money” means greens, velvets, and jewel tones. While “New Money” showcases blues and silvers. “Found Money,” on the third floor, incorporates bold graphics and a black-and-white palette with vivid pops of red.

Corner rooms offer panoramic views of either downtown Houghton or the Portage Canal that separates Houghton from the rest of the Keweenaw Peninsula. And all rooms come with a French press and local coffees, a 4K TV, a wet bar, a built-in beverage cooler, and Beekmans 1802 bath products. Some have free-standing tubs.

The star, however, is the room that inspired the hotel’s name: the Vault Chamber. Located on the first floor, this one-of-a-kind guest room is built around the original 130-year-old Houghton National Bank super vault. A two-ton steel door separates the sleeping quarters from the vault chamber, which has been transformed into a cozy sitting and bar area encased by 1800s-era steel railroad beams and 18 inches of fortified concrete. Sip a martini while lounging on one of two Louis XV tufted leather porter chairs, challenge each other to a game of chess, or simply sit back and enjoy a good book in complete silence. And don’t worry: The vault door has been permanently fixed open, so you don’t need to worry about getting locked in.

Step Back in Time at The Vault’s Private Speakeasy

Because The Vault is an adaptive reuse project and such a small property, it does not have a pool, spa, or gym for guest use. But all that is quickly forgotten when you step into The Counting Room.

Tucked away on the basement level of the hotel, past the wallpaper that looks like a sea of copper pennies, you’ll come to this exclusive speakeasy that’s open to guests and paying members only. It’s a laid-back hangout in a town filled with crowded bars overrun by rowdy college students.

The intimate bar is open to hotel guests ages 21 and older. Here, the atmosphere is dark and moody, reminding guests of the old-timey speakeasies of the 1920s. The building’s original brick foundation forms the walls of the space. Exposed concrete ceilings and architectural pipework add to the industrial aesthetic. The bar is furnished with a collection of antique seating options, vintage light fixtures, and ornately framed mirrors and artwork, and flooring that’s a mix of pale wood and black-and-white penny tiles. Pennies of the copper kind can be found on the bar top. Sixteen thousand 1-cent coins decorate the elongated counter.  

A constantly rotating menu of seasonal hand-crafted cocktails is paired with top-shelf liquors and locally brewed beers. Traditional Prohibition-era cocktails, such as the gimlet or Bee’s Knees, share menu space with creative libations handcrafted by the talented mixologists.

Membership in The Counting Room costs $1,200 per year, and you still must pay for your drinks. But this ensures that you’ll never be battling college students for a seat at the bar.  At the time of my visit, 45 locals were members.

Staying at The Vault

Since its opening, The Vault has received numerous accolades. It was named one of the best hotels in the Midwest by Condé Nast Traveler in 2023 and 2024. It is nominated again in 2026. And Midwest Living recognized it as one of Michigan’s top romantic destinations.

The property does not allow pets. Self-parking is available in the outdoor parking garage across the street.

Rooms at The Vault start at about $189 during slow times of year and can reach the $400s during the peak of tourist season or during special events, such as Winter Carnival or graduation at nearby Michigan Technological University. Sure, there are cheaper hotels in which to stay, but if you prefer accommodations that speak of time and place, while offering a fun, inimitable atmosphere, there’s no better place than The Vault. You can bank on that!

Check rates for The Vault Hotel online at Expedia, Booking.com, Agoda.com, or Hotels.com.