Back in 1969, Joseph, Raphael, and Abraham Nakash opened a store in New York City that sold brand-name jeans at a discount price. As the years went by, they would eventually make the jump to creating designer jeans after collecting their insurance policy from the New York City blackout of 1977. This would prove to be the right move. Jordache Jeans were born during a time when consumers’ tastes shifted from established brands like Levi’s to designer jeans like Gloria Vanderbilt and Calvin Klein.
Today, Jordache still creates denim, but now distributes other jeans from the companies they acquired over the years. Also, the Nakash Brothers dabble in real estate, and they’ve recently purchased an elite Miami Beach hotel for $90 million.
According to the Miami Herald, Nakash Holdings, the investment company controlled by Jordache Enterprises, announced last month that they purchased the Setai Hotel, one of Miami Beach’s most vaunted celebrity hotels, for a cool $90 million. This is just the latest in a string of high-profile purchases Jordache has done. Earlier in 2014, they purchased the Versace Mansion for $41.5 million. Also, Setai will be added to five other hotels along Miami Beach that the Nakash Brothers own, including the Breakwater Hotel and Hotel Victor.
Jonathan Bennett, the managing director of Nakash Holdings, the real estate division of Jordache, made a statement on the purchasing of Setai Hotel.
“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.”
Times of Israel followed up on the report, where they provided details on the Setai Hotel. Originally built in the 1930s as the Dempsey Vanderbilt, the art deco hotel boasts 120 rooms at a price of $750,000 per room. The hotel received a major overhaul in design back in 2004, but the new look did not perturb its business.
Maybe the reason why a major overhaul wouldn’t effect the Setai is because of its star power. Past guests have included Hugh Jackman, Jennifer Hudson, and Dylan McDermott. This is also why the Setai can pull off the nightly rates it charges, starting at $1,360 plus tax.
Just because the Setai has been purchased, Jordache will not stop. Jonathan Bennett made it clear the organization will continue to seek out such real estate opportunities to add to Jordache’s portfolio as they become available.
[Featured Image via Bing, Post Image via Jewish Business News]