Fashion designer Tommy Hilfiger is adding a new career to his resume, as a hotelier.

The American clothing mogul purchased the Raleigh Hotel in Miami’s South Beach for $70 million in 2014, with plans to convert it into a membership-based luxury boutique hotel, offering exclusive benefits to those who pay a yearly fee.

“It’s a dream come true for me,” said Hilfiger.

“I thought for many years it would be exciting and challenging to find the perfect location, the perfect hotel, and to bring it back to its original glory and charm. And I found that with Raleigh.”

Hilfiger plans to expand the size of the current rooms, taking the hotel from 109 rooms down to 88. Members will have access to a spa, health club, and restaurant. The landmarked hotel will close for renovations later this year. Hilfiger estimates the renovations will take 18 months. Until then the hotel is open and taking reservations.