- Associated Press - Thursday, December 25, 2014

MIAMI BEACH, Fla. (AP) - Jordache Enterprises has bought another South Beach hotel.

Nakash Holdings, the investment company controlled by Jordache, announced Wednesday that it had purchased the 120-room Setai Hotel for $90 million.

Jordache owns five other hotels in Miami Beach. Last year, it also bought the South Beach mansion where fashion designer Gianni Versace lived and died for $41.5 million. The mansion is next door to one of the company’s hotel properties.

Nakash Holdings managing director Jonathan Bennett tells The Miami Herald (http://hrld.us/13xbgt2 ) that the Setai is “the epitome of luxury” in Miami Beach.

Originally built in 1938, the hotel has 85 suites and 35 condo units. Its rates are some of the highest on Miami Beach, with a one-night stay on Jan. 4 starting at $1,360 plus tax.

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