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.

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