The Setai Group Tops Off In Miami Beach And Looks Ahead To The Bahamas

MIAMI BEACH— The New York City-based development firm The Setai Group celebrated the finishing of the top floor of its $200 million mixed-use condo/hotel project here called The Setai, and told HOTEL BUSINESS® of its plans to start work on another hotel project in the Bahamas. Going back three years the developer decided the Miami Beach site would be an ideal spot for a hotel based mostly on the old adage location, location, location. “The area that we bought realized a dramatic change in the past few years that has added to its appeal,” said Jonathan Breene, a partner of The Setai Group. “For example, the location just north of the project has been benchmarked a cultural district,” he said. “Specifically, a new museum, library and public park that spans all the way through to the beach have been built. So, the area had a lot of intrinsic real estate value for us.” GHM Hotels will manage and operate the property, while the Setai Group will serve as the owner/developer. The mixed-use development is a 40-story building comprised of 164 luxury condominiums and an eight-story, 87-key Art Deco hotel scheduled to open its doors in mid 2004. The hotel portion will feature a library; private lounge; private club area; a bar and restaurant; a high-end spa and gymnasium; three swimming pools with individual cabanas; and an adjoining beach pavilion. In addition, the hotel is also completely wireless for laptop use anywhere onsite. Each room has individual data ports, Internet access and two-line phones. “We had a consultant come in to install all the latest technology,” said Breene. “Most of our clientele are demanding the latest in technology so we had that in mind when developing this project.” In reference to exactly who the developer expects to frequent the hotel, the answer is mixed. “We find that a lot of people come into the area on business, but prefer to still be on the beach,” Breene stated. “The hotel is only blocks from the convention center, so it is situated to cater to the on-the-go business traveler. Also, the area sees a lot of leisure traffic that we hope to attract as well.” In fact, the project is already experiencing a lot of activity and interest. At present 85% of the condominiums have already been sold. “As an added benefit to the condominium owners, they’ll be able to take advantage of the hotel room service, concierge and other services as we’re looking to create a unified resort feel even in the residential portion of the project,” Breene pointed out. “In total, 90% of our buyers are not going to live in the building. They are either from New York, the Northeast or Europe, and are coming into their condominium for a four-day weekend and just want everything done for them so they can relax or conduct last-minute business,” he said. The company’s goal in constructing this project was to create something that was unique to the area. “The location is really known for its parties and nightlife,” Breene said. “So, our goal was to create a more tranquil environment so our guests can walk out the door to party and come back to a more soothing atmosphere. “To that end, we’ve gone with a very contemporary Asia style that uses a lot of woods and warm colors to provide a more calm setting,” Breene said. “We want the guest to have a place to settle down in after the party, the business meting, or the day on the beach.” Going forward, the Setai Group has plans to continue developing hotels, this time in the Bahamas. The firm told HOTEL BUSINESS® that it is going to do a private island there with an undisclosed number of hotels and villas. Also, the company is in the process of launching a membership program that will allow guests discounts for staying at various Setai properties. Most recently, the company completed a high-end condominium development in Dallas last year, has the Setai in the works at present, and will likely complete the Bahamas project within the next three years.