MIAMI BEACH, Fla.—Nakash Holdings, the investment company controlled by the founders of Jordache Enterprises of designer jeans fame, has purchased the 130-room Setai Hotel in South Beach, Fla., for nearly $90 million.
The hotel’s amenities include three newly renovated infinity pools, four food and beverage outlets, an upscale spa and fitness center, and more than 45,000 square feet of indoor and outdoor function space. This acquisition adds to Nakash’s Miami property portfolio of retail and hotel properties, including the Casa Casuarina (formerly known as the Versace Mansion).
“The Setai is the jewel of Miami,” a Nakash representative said. “We plan to increase the level of service and operate to the highest standard of luxury.”
The landmark Art Deco building was originally built in the 1930s. In 2004, it was redesigned together with the Tower development by Jean Michel Gathy and Jaya Ibrahim.