Sam Nazarian’s SBE Entertainment LLC on Friday announced that it has partnered with developer David Edelstein to acquire Miami South Beach’s famous Raleigh Hotel. The partners plan to renovate the hotel and turn it into the flagship for a new brand of luxury hotels.

SBE Entertainment, which operates the SBE and Redbury hotel brands, recently opened an SLS Hotel down the block from the Raleigh. Edelstein also owns a hotel in the neighborhood, the W South Beach.

The purchase price was not disclosed, but local news reports say it was about $55 million. Nazarian and Edelstein bought the Raleigh from Brilla Group, a real estate investment firm that acquired the 105-room hotel for $30 million in 2009.

“David and I share a deep passion for South Beach, and ensuring a celebrated jewel like the Raleigh is preserved in a manner fitting of its great legacy is a mission we are both supremely committed to,” Nazarian said in a statement. “The Raleigh provides the perfect complement to the community and to the experiences offered at SLS Hotel and W South Beach.”

SBE Hotel Group expects to take over management of the property this month.