Want a cheap Miami vacation? Generator, a lifestyle and design-driven hostel chain based in Europe, is opening August 15 in Miami Beach with rooms as low as $20 for a bed in a shared room or $95 for a private room with private bathroom — and it has all the bells and whistles of a luxury boutique hotel.

Right on Miami's famous Collins Avenue and one block from the beach, Generator Miami transformed a classic 1940s condo into a hip hostel bathed in neon lights, surrounded by palm trees and furnished with bespoke furniture. The main mural on the facade facing the swimming pool has been designed and painted by South African artist Chris Aurett, famed for his Mandela paintings and murals, street art and work at Afrika Burn, the Burning Man regional event in Africa. Conde Nast Traveler calls Generator "Europe's hostel for grown-ups."

Guests can expect 300 beds in 105 rooms where 65 percent of the rooms are private/non-shared. In comparison, 20 percent of rooms are private at the similar luxe hostel the Freehand in South Beach, according to Conde Nast Traveler. There is also a restaurant and bar scene at Generator, with star Miami mixologist Gui Jaroschy curating the cocktail menu and chef Daniel Roy, who worked at Jean-Georges Vongerichten's Matador Room at Edition Miami, helming Generator's kitchen. There will be three food and beverage venues, including a lobby restaurant serving South Florida cuisine with fresh ingredients.

The outdoor pool, the first pool for a Generator property, will feature 24/7 programming, from poolside yoga classes to mixology demonstrations.