HILFIGER, THE HOTELIER: Tommy Hilfiger is negotiating to buy The Raleigh hotel in South Beach. The Miami Beach property has been owned since late 2012 by New York-based developer David Edelstein, who owns the W South Beach, and hotelier Sam Nazarian, who owns the SLS South Beach.

“I’m in the process of buying it from them. I’ve always wanted a hotel property. We’re going to turn it into a five-star chic hotel with all the amenities,” said Hilfiger Wednesday. He declined to reveal the partners in his investment group.

This story first appeared in the March 6, 2014 issue of WWD. Subscribe Today.

The Raleigh, which is located on Collins Avenue and 18th Street, is the first step toward launching Hilfiger Hospitality — a hospitality experience centered on fashion, art, music and entertainment. Hilfiger said he’s exploring one-of-a kind properties in gateway cities in key U.S. markets, as well as international markets. Hilfiger said he expects to close the Raleigh deal sometime next month and will keep the Raleigh name.

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The Raleigh is a landmark Art Deco hotel that was built in 1940 during the area’s hotel boom. Sources estimate the cost of the hotel around $100 million. The beachfront property has 100 rooms, a pool and several restaurants. “We will create a whole new dining experience,” said Hilfiger. He said the hotel “needs a full redo. It’s a bit dated.”

The onetime André Balazs-owned property was bought by Brilla Group in 2009 before being sold to Edelstein and Nazarian.