The Real Deal Miami

Nakash family buys South Beach’s Setai Hotel for $90M

New owners purchased Versace mansion for $41.5M in 2013
December 23, 2014 11:51PM


The Setai Hotel

The Nakash family, founders of the Jordache Jeans empire and owners of the old Versace mansion, purchased The Setai Hotel in South Beach.

A source told The Real Deal that the family paid nearly $90 million to Lehman Brothers Holdings Inc. for the Art Deco hotel at 2001 Collins Avenue. 

“The Setai is the jewel of Miami,” a Nakash family representative said. “We plan to increase the level of service and operate to the highest standard of luxury.”

This latest acquisition adds to the family’s hotel portfolio in Miami Beach. Nakash Holdings owns Hotel Victor in addition to Casa Casuarina – formerly known as the Versace mansion – which the famed fashion family purchased in September 2013 for $41.5 million

The Setai was built in the 1930s and then redesigned  along with an adjacent 40-story condo tower – by Jean Michel Gathy and Jaya Ibrahim in 2004. Miami-Dade public records show that, prior to the deal, the Nakash family had already owned more than 10 units in the tower.

Nakash Holdings is the private investment office of the Nakash family. Their real estate portfolio consists of retail, office and multifamily properties. 

In June of this year, Ralph Nakash, one of three brothers who founded Jordache, paid $7 million for a three-bedroom home on Fifth Avenue in New York City.  Heather Grossmann