The Nakash family, founders of the Jordache fashion empire, have purchased the luxury Setai Hotel in Miami Beach located at 2001 Collins Ave for almost $90 million. The price included the next door residential tower that is also part of the hotel complex.
Nakash Holdings, which is owned by Joseph, Avi, and Ralph Nakash, now owns the 120 room hotel known as a local hideaway for visiting celebrities. That includes 85 hotel suites for rent and 35 condominium suites.
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Jonathan Bennett, managing director of Nakash Holdings, stated, “The Setai is really the crown jewel of Miami Beach. 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.”
“It’s the jewel of Miami beach. The family is deeply embedded in the future of this property, ” a source close to the family told the New York Post.
The Nakashs also recently acquired the Versace mansion in Miami Beach and the Bond Building, located near the White House in Washington.
The Art Deco landmark building was originally built between 1936 – 1938, as the famed Dempsey Vanderbilt Hotel. Next to the hotel is its 40-story residential glass tower that, “surpasses all around it in elevation, views and design.” The Setai was voted as the #1 hotel on Miami Beach in 2013 by U.S. World & News Report and the #1 Best Hotel in Miami and Miami Beach, as well as the #2 Best Hotel in Florida by Conde Nast Traveler magazine’s 2013 “Reader’s Choice Awards.”
The hotel has two restaurants, a bar and lounge, a pool bar and a beach bar. Its spa offers a complimentary 60-minute beach-side yoga session for guests, led by Thai yoga instructor, Pom Cayeiro and various day packages.
From its website, “Serene and intimate, The Setai is an experience all its own. An oasis of tranquility amidst the energy of South Beach. Its design and vision artfully combine the rich architectural history of South Beach’s Art Deco District with the multi-faceted cultural history of the International Art Deco movement, particularly its influence in Asia.”