Tommy Hilfiger to buy The Raleigh Hotel in Miami

Tommy Hilfiger to buy The Raleigh Hotel in Miami

Style setting on South Beach

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Tommy Hilfiger is taking the first steps in launching Hilfiger Hospitality, negotiating a deal to buy an Art Deco hotel in Miami

Tommy Hilfiger is in the process of expanding his global empire, by negotiating to purchase the Raleigh Hotel in South Beach, Miami. Since 2012, the property has been owned by David Edelstein, a New York-based developer who also owns the W South Beach; as well as 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," Hilfiger revealed.

The hotel marks the first step in the launching of Hilfiger Hospitality, which will encompass fashion, music, art and entertainment. Hilfiger noted he's considering a range of properties in the U.S. and international markets. The deal is set to be sealed during in the next month.

The Raleigh, an Art Deco hotel built in the 1940s, features 100 rooms, a pool and numerous restaurants. According to technology-savvy Hilfiger, the hotel requires "a full redo. It's a bit dated."

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