Jordache Jeans Family Buys Setai Hotel for $90 Million
The family who owns Jordache Jeans got themselves a nice Christmas present: South Beach's Setai hotel. They're under contract to buy the iconic beachfront property for $90 million. They're the same family that last year bought up the Versace Mansion for $41.5 million, and already owned the Viceroy hotel on Ocean Drive and four other hotels in Miami.
According to The New York Post, the Nakash family had already owned 15 units in the Setai's residential section, and had been using them as a second home for the past decade.
Originally built in the 1930s, a high-rise tower was added in 2004. The Art Deco jewel had previously been owned by the estate of Lehman Brothers Holdings Inc., and was technically purchased by Nakash Holdings, an investment firm owned by Joseph, Ralph and Avi Nakash, the brothers that the Jordache label in the '70s.
A spokesman for the company tells The Wall Street Journal that the family may take advantage of their purchase by opening other hotels elsewhere under the Setai name.
In case you're wondering how a family that owns a jeans brand that hasn't been particularly popular in decades has all this cash, its in part because because Jordache Enterprises owns other brands like Gasoline and XOXO. The company also manufactures jeans for other labels, and has since diversified into real estate, hotels, agriculture and even owns an airline and an entire port in Israel.