Nakash Holdings, the investment company arm of the world-famous Jordache empire, announced that it is purchasing The Setai Hotel in South Beach, Florida. Terms of the deal and representation on the property that had previously been owned by the estate of Lehman Brothers Holdings Inc. were not disclosed.
Built in 1936-1938 as the Dempsey Vanderbilt Hotel, the 130-room Setai at 2001 Collins Ave. is located in the heart of South Beach's Art Deco district and offers direct access to the beach. With 85 hotel suites and another 35 condo units, the price averages out to $750,000 per room. That makes it one of the highest per-room sales ever in Miami Beach, said Scott Brush, a Miami-based hotel consultant. The condo units are privately owned, but most can be rented through the hotel program. The Nakash family also owns around 15 units in the Setai residence.
"The Setai is really the crown jewel of Miami Beach," said Jonathan Bennett, managing director of Nakash Holdings, the real estate division of Jordache. "It is the epitome of luxury in that city. We've enjoyed spending time there, and when it came up for sale, we knew it was something that would be a great fit for us. It's special and unique, and there's nothing else on the Beach that can compete with it."
In Miami, the Nakash family also own the Versace mansion, renamed Casa Casuarina, which they bought at auction for $41.5 million last year, according to a New York Post article. It is adjacent to the Victor Hotel, which Nakash Holdings also owns.
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