Image courtesy of Group One

After putting the project on pause for two years, developers are moving ahead with a 300-room hotel tower in Back Bay.

Boston-based H.N. Gorin and Masterworks Development propose a 116,375-square-foot, 21-story tower at 39 Stanhope St.

Developers originally planned to demolish the existing two-story structure, but decided to retain the facade after consulting with Boston officials.

The building was constructed in 1866 as stables and later was converted into a succession of restaurants during the 20th century, including the Red Coach Grill, Dundlach’s Hofbrau and Satch’s Restaurant, which was owned by Boston Celtics Hall of Famer Satch Sanders. It currently houses the Red Lantern, an Asian fusion restaurant and bar.

Developers said they will “reintroduce or recall” select lost historical elements from the property’s history as a stable.

Designed by Group One architect of Boston, the hotel would include 2,500 square feet of ground-floor restaurant space and a 5,500-square-foot rooftop restaurant.

The project is among a group of developments under construction or seeking approval in Back Bay, where the city rezoned the Stuart Street corridor for taller building heights in 2016.

The Noannet Group and Saunders Hotel Group began presales in late winter for their Raffles Back Bay Boston Hotel and Residences, which includes 146 high-end condos in a 35-story hotel-residential tower at 40 Trinity Place.