MIAMI—The Setai Hotel has a new owner. Nakash Holdings, an investment company controlled by the founders of Jordache Enterprises of designer jeans fame, acquired the South Beach hotel for $90 million.

The Art Deco-style hotel was originally built in the 1930s. The 130-room hotel was redesigned in 2014 together with the tower development by Jean Michel Gathy and Jaya Ibrahim. Soaring high above neighboring properties, the South Beach tower soars is considered an icon of modern architecture.

"The Setai is the jewel of Miami," a Nakash representative said in a published statement. "We plan to increase the level of service and operate to the highest standard of luxury."

Hotel amenities include three newly renovated infinity pools, four food and beverage outlets, an upscale spa and fitness center, and over 45,000 square feet of indoor and outdoor function space. The South Beach 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).