The AIDS Healthcare Foundation acquired the downtown LA hotel property for $11.9 million earlier this month and plans to convert the building into 111 units of low-income housing.
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On hand to make the announcement Tuesday were Doors drummer John Densmore, 79, and photographer Henry Diltz, who shot the iconic album cover more than 50 years ago.
"The people who work in the city can't afford to live in the city, so the Morrison Hotel is now going to be a solution to that problem," Densmore said.
The single-room occupancy hotel was built in 1914.
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The Doors made the hotel's front facade famous when band members snuck in while the clerk was busy and Diltz quickly shot a series of photos under the "Morrison Hotel" lettering, with singer Jim Morrison front and center in the window.
The 1970 album is highly regarded in rock history, featuring classics such as "Roadhouse Blues" and "Peace Frog."
The AHF says a developer had originally planned to demolish the building and turn it into a luxury hotel, but the developer defaulted on the loan. AHF's plans call for adaptive reuse of the existing structure, "saving a piece of rock and roll history."