(FORTUNE Magazine) – As far as literary brands go--usually not very far--Ernest Hemingway is the Big Papa. You can buy a (Francis) Macomber chair from Thomasville Furniture or a Short Story cigar from Arturo Fuente; Hemingway's likeness has been used in ads for Mercedes and Gap. Now the race is on to build the ultimate Hemingway hotel.

The front-runner is Mariel Hemingway, 42, who is trying to raise money for a $35 million Hemingway Lodge in Ketchum, Idaho. The lodge would feature 81 rooms at an average nightly rate of $341.67 and would offer skiing, fishing, biking, and Hemingway's passion, yoga. (That's Mariel's passion, not her grandfather's.) The grand opening is planned for spring 2005.

Her primary competition, however, is Hemingway Ltd., the estate-run enterprise that controls the Nobel Prize winner's copyright. They've licensed the name to Florida entrepreneur Matthew Weld, who is planning his own chain of Hemingway hotels, replete with a Death in the Afternoon bar and grill and employees in safari garb. (A third competitor is former Ritz-Carlton vice chairman Horst Schulze, who's drawing up an unsanctioned chain called Hemingway Hotels & Resorts. There's no word on whether Mariel or Weld is especially worried by that development.)

Hemingway doesn't need family approval to break ground in Ketchum --it's her name too, after all. She insists that matters of taste, rather than copyright issues, will result in a (mostly) memorabilia-free decor. "I want people to get the feeling that they've walked into a hotel where they'd see him," she says, "as opposed to seeing lots of pictures of him."

Speaking of pictures, however, she does have another idea in mind: a film based on her grandfather's Paris memoir, A Moveable Feast. She's working on the screenplay now. Best of all, no competing projects are in the works. At least not yet. --Grainger David