Also, yes, you read that right, two movies, not just the one adapted from the original book. The concept for why two movies is best explained by the Hollywood Insider:
Jackson and his life/creative partner Walsh have always envisioned the big-screen adaptation of ‘The Hobbit‘ as two movies. The first would deal with the 80-year old novel. The second, imagined entirely by Jackson and Walsh, would link the conclusion of ‘The Hobbit’ to the start of the first ‘Lord of the Rings’ book, ‘The Fellowship of the Ring’.
I’m not quite sure what to think about that second movie just yet, but I know I’m ripe with anticipation over ‘The Hobbit’ being made into a movie. ‘The LOTR’ trilogy (counted as one long movie) is one of my favorite movies ever and with Peter Jackson back at the helm, I know ‘The Hobbit’ will be just as good.
It might be a year or two until we actually get to see the movie(s), but good things come to those who wait, right? 😀