Miami's Setai sold to Nakash Holdings

During the first week of December, Hotel Management wondered aloud how long it would be before The Setai in Miami would be picked up by a new owner. The answer was not too long, but not by the expected buyer.

At the time, the Turkish-based Suzer Group was looking into the hotel for approximately $88 million, but as of last week the hotel was acquired by the founders of Jordache Enterprises for about $90 million, according to The Wall Street Journal. Nakash Holdings is the buyer of the property, which has 85 rooms and 35 condo units. At nearly $750,000 per room, this is one of the highest per-room sales in the history of Miami Beach.

“The Setai is really the crown jewel of Miami Beach,” Jonathan Bennett, managing director of Nakash Holdings, told the Miami Herald. “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.”


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The Setai is just one in a string of acqisitions from Jordache, which also bought the Versace Mansion last year for $41.5 million, and five other hotels in the area, including the Breakwater Hotel and the Hotel Victor.

Miami hotels are looking at a profitable holiday season, as room rates are skyrocketing for New Year's Eve. The South Florida Business Journal reported that a survey from found hotels in the Miami and Miami Beach areas raised their rates by up to 491 percent for New Year's Eve bookings. What's more, travelers seem willing to pay the price, with less than 10 percent of hotels in the region still having rooms available.

On average, Miami Beach hotels increased their rates by 249 percent due to limited availability.

Suggested Articles

The two associations said they plan on working with political leaders on further legislation to ease loan restrictions.

Jan Freitag, SVP of lodging insights at STR, warned the U.S. could face an elongated recovery due to a lack of social distancing.

The world used to be our oyster and now our oyster is closed. Oysters can do a lot worse, of course, which is what we are hoping to avoid.