The Setai Miami Beach, one of the city’s most luxurious five-star hotels, officially has new owners. The purchase was announced last month stating that Nakash Holdings, a private investment company owned by the founders of Jordache Jeans, and the von Furstenberg family, (of Diane von Furstenberg fame), partnered together to take control of the Floridian landmark. "Miami has become an oasis of glamour, energy and beauty and The Setai captures it all with an international luxury experience," Diane von Furstenberg explained in a statement.

Both parties have stated their commitment to maintaining the high-levels of service, amenities and accommodations that guests have come to expect of the hotel, including fresh flower installations, Asian tea ceremonies and custom bath fragrances. They also hope to improve upon this renowned hospitality. "Since opening in 2004, The Setai has defined luxury hospitality in Miami, stated financier Alex von Furstenberg. “We feel there is enormous opportunity for the brand and continued growth.”