Pretty close to Railhead by Fontsmesa Michael Hagemann.

Thanks, Ryuk. I was hoping for something a little bit more elegant than Railhead, if it's out there.

Saloon Girl Open? No interior decoration - but I'm not finding anything very close.

If by elegant you mean ornate here are some suggestions for Tuscan ornate variations
Grotesque Salloon by Paulo W of Intellecta Design
http://www.myfonts.com/fonts/intellecta/grotesque-salloon/
And another of Michael Hagemann's Font Mesa offerings, Hickory
http://www.myfonts.com/fonts/fontmesa/hickory/
Don

May be having a look to the rest of Michael Hagemann's digitizations would lead to some more elegant ones but probably nothing closer than Railhead I've already pointed to: Maverick's Luck, Gold Standard, Hickory...

Hmm .. I took more elegant to mean less flashy. Hopefully Lu will clarify.

Hi Mike, I agree a little clarification by Lu of "elegant" would be helpful. The Victorians loved to make Tuscan fonts like Lu's example with amazing amounts of ornament and encrustation. Michael Hagemann's digitizations are well engineered and have a clean look not found in most other digital versions, which are usually autoscans with little editing. It is possible to prune some of the ornamentation to make something more streamlined. Kills the authenticity, but might be suitable.
Don

A simplified design, less flashy, but an autotrace needing editing for a truly elegant effect
Trefoil Capitals by Paul LLoyd
http://www.dafont.com/trefoil-capitals.font?text=HOTEL+MERIT&fpp=100&psi...
Don

http://www.myfonts.com/fonts/monogram/noir-monogram/
check this one out!

Good find Zoya! Definitely the closest digital so far. Seems to me that maker of the old font in the image and Monogram Fonts Co. designer Brian Bonislawsky may have both based their typeface designs on the “Pearl” letterset of 1854 by George J. Becker, cited by Monogram as their source.
Becker's Pearl:

Thank you all so much! This is great stuff!