MIAMI BEACH—Nakash Holdings, a closely held investment company controlled by the founders of Jordache Enterprises of designer jeans fame, is purchasing The Setai Hotel in South Beach, FL.
Nakash will own and operate 130 guestrooms in the historic Art Deco building and units in the Tower. Amenities include three newly renovated infinity pools, four food and beverage outlets, an upscale spa and fitness center and over 45,000 sq. ft. of indoor and outdoor function space. The property was purchased for an undisclosed price. This acquisition adds to Nakash's Miami property portfolio of retail and hotel properties that includes the Casa Casuarina, formerly known as the Versace Mansion.
"The Setai is the jewel of Miami," said a Nakash representative. "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.
