MIAMI (CBS4) – The Port of Miami will soon welcome a new cruise line as one of it’s tenants.

Prestige Cruise Holdings, parent company of Oceania and Regent Seven Seas Cruises announced Thursday that they will be moving all of their operations to the Port of Miami in the fall of 2012.

READ MORE: Florida Governor Ron DeSantis Giving Green Light To Budget Items

Regent Seven Seas, which currently operates out of Port Everglades, will join Oceania, which has been operating out of the Port of Miami since 2003.

The move is welcomed by Miami-Dade Mayor Carlos Gimenez.

READ MORE: Biden Invokes Defense Production Act To Address Infant Formula Shortage, Among Other Actions

“The cruise ship business represents a critical segment of our tourism industry, which contributes millions of dollars to the local economy,” Gimenez said in a statement. “We welcome the award-winning Regent Seven Seas vessels as the latest addition to our fleet.”

Prestige Cruise Holdings CEO Frank Del Rio says the decision to move all operations to the Port of Miami was a logical one due to the popularity of the port and the worldwide draw.

“We are looking forward to making Miami – with its international appeal – headquarters for both of our cruise brands,” Del Rio said. “Miami, an exciting and sophisticated international city, is a destination of choice for travelers in the premium and ultra-luxury segments of the marketplace.”

MORE NEWS: Pursuit Through Broward Streets Ends With 2 Taken Into Custody

Regent Seven Seas and Oceania Cruises will occupy Cruise Terminal J, which the Port of Miami has invested nearly $3 million on renovations and dockside improvements.