Solid tumors are characterized by complex interactions between the tumor, the immune system and the microenvironment. These interactions and intra-tumor variations have both diagnostic and prognostic significance and implications. However, quantifying the underlying processes in patient samples requires expensive and complicated molecular experiments. In contrast, H&E staining is typically performed as part of the routine standard process, and is very cheap. Here we present HIPI (H&E Image Interpretation and Protein Expression Inference) for predicting cell marker expression from tumor H&E images. We process paired H&E and CyCIF images taken from serial sections of colorectal cancers to train our model. We show that our model accurately predicts the spatial distribution of several important cell markers, on both held-out tumor regions as well as new tumor samples taken from different patients. Moreover, using only the tissue image morphology, HIPI is able to colocalize the interactions between different cell types, further demonstrating its potential clinical significance.