MIAMI—The Tower Hotel, which played host to music legends like Billie Holiday and Louis Armstrong in its heyday, has a new owner—and that new owner is about to spend multiple millions of dollars to renovate the Little Havana hotel. The deal marks the first time the boutique hotel has traded hands in 60 years.

Miami-based Barlington Group snapped up the hotel for $1.7 million. Located at 1450 Southwest 7th Street, the 50-room Tower Hotel is just steps away from Calle Ocho and adds to Barlington Group’s portfolio of real estate properties in Little Havana and Downtown Miami.

“Little Havana is a cultural tourist attraction,” Martin Pinilla II, managing partner of Barlington Group, tells GlobeSt.com. “Ten years ago Little Havana received about 3% of the Miami’s tourists. Now, we’re getting about 24% of those tourists.”