MIAMI—The Setai Hotel has a new owner. NakashHoldings, an investment company controlled by the foundersof Jordache Enterprises of designer jeans fame,acquired the South Beach hotel for $90million.
The Art Deco-style hotel was originally builtin the 1930s. The 130-room hotel was redesigned in2014 together with the tower development by Jean MichelGathy and Jaya Ibrahim. Soaring highabove neighboring properties, the South Beach tower soars isconsidered an icon of modern architecture.
"The Setai is the jewel of Miami," a Nakash representative saidin a published statement. "We plan to increase the level of serviceand operate to the highest standard of luxury."
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