The (Nicky) Hilton hotel
The 22-year-old heiress will help launch a new hotel bearing her famous name, which will compete with Hilton Hotels.

NEW YORK (CNNMoney.com) -- Nicky Hilton is taking on the family business by lending her famous name to a South Beach hotel, according to a report Friday.

The adjoining Breakwater and Edison hotels will be renamed the ''Nicky O, a Nicky Hilton Hotel'' (the O stands for Hilton's middle name, Olivia) to parlay her star power into higher room rates and profits, the Miami Herald reported.

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This will be Paris Hilton's little sister's first foray into the industry pioneered by her great-grandfather, Conrad Hilton.

This is also believed to be the first time a hotel paid directly for the rights to a star's name.

"People want to be part of Hollywood and feel like they're in the 'in' crowd,'' Robert Falor, president of Falor Cos, the Chicago company converting the Breakwater and Edison into a condo-hotel complex, told the newspaper. "Nicky brings that.''

The 22-year-old Hilton said that she hopes to launch as many as 10 hotels across the country as part of her exclusive deal with the company, according to the report.

She said she signed well-known designers, including Roberto Cavalli, to decorate the Nicky O suites.

''I want to bring a fashion element to the hotel, because that's what I do,'' she said.

"I think it's definitely going to bring a trendy, fashionable person who's coming into town to have fun.''

Units at the Nicky O will start just under $500,000, with penthouses priced over $1 million, according to the paper, which cited a sales Web site.

Hilton said that her lawyers saw no trademark concerns with establishing her name as a lodging brand.

A Hilton Hotels spokeswoman declined to comment, the paper said.

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Related: Other than being rich and controversial celebrities, what other attribute do Paris Hilton, Donald Trump, Britney Spears and Kobe Bryant have in common?  Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.