The famous Setai Hotel in Miami recently sold to the Nakash family for a cool $90 million. To understand the significance of the sale, it’s important to learn more about the buyers as well as the hotel.
Who Is the Nakash Family?
While you might not immediately recognize the name, you certainly know the work of the Nakash family. The family started Jordache Enterprises in 1969, the popular clothing company that makes a variety of different types of clothes, including shirts, jeans, and outerwear. The company started small, with just a couple of stores. After their largest store was looted and burned in 1977, they used the insurance money to incorporate their business and start manufacturing jeans. They made some of the most popular jeans in the late 70s and 80s. They are still doing quite well, as evidenced by their latest purchase.
The family paid $90 million to Lehman Brothers Holdings Inc. for the Setai Hotel in South Beach, located at 2001 Collins Avenue. They have some big plans to make the hotel even more impressive than it already is. One of the family representatives called the hotel the “Jewel of Miami”, and said that they plan to improve the level of service and to offer even more luxury to those who stay there.
This is not the only hotel and high profile property that they own in the area. They also own the Versace mansion, now called Casa Casuarina, which they bought in 2013, as well as Hotel Victor.
What Does the Setai Hotel Offer?
The Setai Hotel is a mainstay in the South Florida area. It’s a popular Art Deco hotel that’s been in existence from the 1930s and has grown in size and popularity over the years. In the beginning, it was called the Dempsey Vanderbilt Hotel. Located right next door to the hotel is the residential tower. The high rise luxury hotel and condominium has 38 floors and is one of the tallest buildings in all of Miami Beach. The hotel has a great look and style, and that’s one of the reasons that it is so popular for visitors and residents alike. The hotel includes a 10,000 square foot penthouse that has a rooftop pool and Jacuzzi. In addition, it even has a recording studio, which is something that you do not find in too many buildings in the area.
What Will the Changes Mean?
What does the change in ownership mean? The Nakash family has been involved in real estate holdings for quite some time now. They don’t seem to rock the boat or make large and unwanted changes. Chances are good that the Setai will simply see even more improvements in the coming years. The family seems dedicated to keeping the heart of the hotel the same and simply offering even more services and benefits for those who reside or visit there. It will be exciting to see what types of changes they do bring to the hotel and the area.