With the goal of turning Miami’s Little Havana neighborhood into more than a day-trip destination, a development group has bought the historic Tower Hotel with plans for a two-year renovation.

Miami-based Barlington Group acquired the three-story property at 1450 SW Seventh St. for $1.7 million, they announced Wednesday.

Managing partner Bill Fuller said the company plans to invest $500,000-$1 million initially while keeping the 50-room hotel open. It is currently operating, but in need of repair and used mostly for weekly rentals, he said. The property was built in 1920, property records show.

The purchase, from the family who has owned the hotel for 60 years, also included two adjacent houses. One will be converted into a bar and restaurant and the other will be used for meeting space.

The hotel, just off Calle Ocho, once hosted performers including Billie Holiday and Louis Armstrong.