Nakash Holdings, a private investment company controlled by the founding family of Jordache jeans, announced Wednesday that it is purchasing The Setai Hotel in South Beach, Fla. for an undisclosed price.
The acquisition adds to Nakash’s Miami property portfolio of retail and hotel properties including the world famous Casa Casuarina, formerly known as the Versace Mansion.
The 130-room, landmark Art Deco building from the 1930s is considered to be “the jewel of Miami.” In 2004, it was redesigned together with the Tower development by Jean Michel Gathy and Jaya Ibrahim, to soar above the Atlantic Ocean and offer amenities including three infinity pools, an upscale spa and fitness center, and over 45,000 square feet of indoor and outdoor function space.
A Nakash representative said, “We plan to increase the level of service and operate to the highest standard of luxury.”
Nakash Holdings manages a multibillion-dollar portfolio of investments including aviation, retail, agriculture, transportation, manufacturing and real estate located in prime locations throughout the world. The real estate portfolio consists of retail, office, multifamily and hospitality properties.