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Condo Hotel Center: Property
Alert
September 8, 2004
Going
for the Gold
THE SETAI, MIAMI BEACH
 Hello.
Joel Greene from Condo
Hotel Center. I
hope you enjoyed the Labor Day weekend. Here we battened
down the hatches to await a visit from Hurricane Frances,
not the long weekend I had envisioned. More on this
later.
Well the Olympics are over. But still in the Olympic
spirit, I'm writing today to tell you about a property
that I think is a perfect ten!
As a condo hotel specialist, following a 14-year
career as a hotel/motel specialist, believe me, I
have seen my share of existing and to-be-built model
units.
However, in my humble opinion, I never saw a condo
hotel model as breathtakingly beautiful as the one
at The Setai, Miami Beach. Let me tell you a little
about the property, and you decide for yourself if
it deserves a gold medal.
The Setai - Rendering
THE
SETAI
I'm
truly excited about the situation at The Setai in
Miami Beach. The developers of The Setai have built
an ultra-luxurious condo hotel tower that will be
ready for occupancy by December 2004, perfect for
those of you needing to complete a 1031 Exchange.
This is one of those exceptional opportunities to
get in at ground-level, pre-construction pricing,
AND you don't have to wait two years to receive your
unit.
For the past year plus, the developers focused strictly
on the sale of their condos, (adjacent to the condo
hotels), but with that now nearly completed, they
are about to aggressively begin marketing their 75
condo hotels. Only five have been sold so far, and
prices are at their absolute lowest.
World-Renowned Developer
The Setai Group has partnered with world-renowned
hotelier Adrian Zecha-creator of the Amanresorts-to
oversee the management of the boutique hotel. The
arrival of Zecha and his management company GHM will
add an Asian-influenced luxury with Zen-like simplicity
to Miami Beach.
The designs of his other properties have been influenced
by curved forms in Indonesian art and were built using
stone, natural woods and bamboo materials. Most have
fewer than 55 rooms to give them a more exclusive
feel and push room rates to more than $1,000 a night.
Of course, this property is being sold as a condo
hotel, so no representations about rate expectations
can be made by the developer of this property in accordance
with SEC guidelines. But it's helpful to know of the
developer's prior success in this regard.
Building Features
The Setai will be a tranquil oasis in the heart of
this trend-setting area. Set amid tropical gardens
and sparkling pools at the edge of the Atlantic Ocean,
the condo hotel will feature:
- A world-class restaurant
- A crustacean, caviar and champagne bar (In a
4-star property, it's called a "raw bar,"
but when it comes with 5-star extravagance, it becomes
a "crustacean bar!")
- A 90-foot-long pool bar and grill
- Three lushly landscaped pools
- Poolside and beachside waiter service
- A state-of-the-art fitness center
- A magnificent two-story lobby with a stunning
collection of unique and original art from around
the world.
- The Spa at The Setai which will offer unique
and exotic spa treatments that bring the spirit
and traditions of the Pacific Rim to South Beach.
Condo Features
Condo hotel units will include:
- Teak floors bordered in flamed black granite
- Built-in teak cabinetry
- Cast terrazzo soaking tub and separate shower
with rainfall head
- Bose sound system
- Flat screen televisions
- Custom-designed furnishings and upholstery from
Asia
Pool View at The Setai - Rendering
Celebrity Magnets
The condo hotel will include an unprecedented feature-The
Lenny Kravitz Recording Studio. Artists will be welcomed
to record in the state-of-the-art studio designed
by legendary Lenny Kravitz. It's an interesting amenity
that will help to attract big name recording artists.
Another celebrity draw will be The Setai Club, an
invitation-only private ownership club occupying the
top floor of the property. Founders of The Setai Club
hail from the worlds of business, fashion, art, entertainment
and sports and include Boris Becker, Sheryl Crow,
Heidi Klum, Lenny Kravitz, and Jacque Nasser, to name
a few. The club will greatly enhance the condo hotel's
visibility as well as increase occupancy of a desirable
clientele.
The Setai, In Good Company
Located on Collins Avenue and 20th Street, the oceanfront
resort is well situated to take advantage of the best
of South Beach. The property is steps from the ocean,
the restaurants and nightlife South Beach is famous
for.
Rising next door is the Shore Club, a 340-room, $125
million ultra-luxury hotel featuring restaurants operated
by actor Robert De Niro. Four blocks away, the Ritz-Carlton
has just completed a $95+ million conversion of the
Dilido Hotel, bringing another 385 rooms. And the
city is promoting the other side of Collins Avenue
as a cultural campus to include a new library, an
enlarged Bass Museum and the Miami City Ballet's new
home.
According to the developer of The Setai, instead
of five-star competition worrying him, he sees the
popular location as an advantage. "We're located
in the heart of South Beach. You can walk to Lincoln
Road (three short blocks away) and Ocean Drive's bars,
nightclubs and restaurants," he said. "We'll
have a very high-end hotel that's so unique, I think
we're going to be the only guys in town and fully
expect to charge the highest rates in town."
Near the Convention Center
A major plus for The Setai is its proximity to the
Miami Beach Convention Center. It is actually within
walking distance of this enormous room generator.
The Convention Center is South Florida's largest trade
show and meeting facility with over 500,000 square
feet of exhibit space and 68 meeting rooms.
Here's some background on the facility, just because
it's interesting. Opened in 1957, the Miami Beach
Convention Center has been the heart of Miami Beach
for almost fifty years. It served as the site where
Cassius Clay (later known as Muhammad Ali) captured
his first Heavyweight Championship of the World in
1964.
In 1968, the Miami Beach Convention Center hosted
the Republican National Convention and more than 20,000
delegates; while in 1972, more than 45,000 delegates
visited the facility during both the Republican and
Democratic National Conventions.
More recently, special events including the NFL's
Commissioner's Party during the Super Bowl, The Miss
Universe Pageant, and concerts by Melissa Etheridge
and Itzhak Perlman have been held at the center.
In 1990 the facility underwent a $92 million renovation
and doubled in size. Coupled with recently completed
interior and multi-million dollar telecommunications
infrastructure upgrades, the facility's high-tech
capabilities make it a leader in the meetings industry.
For condo hotel owners, it represents millions of
visitors each year that help ensure high room occupancy
rates.
Pricing
The Setai will only have large hotel rooms for sale
in the condo hotel property. They will all range from
520 sq. ft. to 684 sq. ft. They are currently priced
from $525,000 to $725,000. Contracts are ready right
now. A 10% deposit is required, with an additional
10% deposit required in 90 days. The balance is due
at closing which will be sometime around December
this year.
If you are interested in more information on The
Setai, I can e-mail you a data sheet. I can also have
a complete brochure package sent to you upon request.
HURRICANE NEWS
Finally, I hesitate to end this Property Alert on
a down note, especially since I'm so upbeat about
the property I told you about. However, I would be
remiss if I didn't at least mention the recent hurricane
that paid a little visit to the Sunshine State.
At my own home two small trees in my yard were blown
down. One hit the screen enclosure of my patio causing
some minor damage. The other just hit the lawn. Neither
was a big deal. In fact, I thought one of those trees
was ugly, and it was a good excuse to replace it.
We lost power for about 12 hours, but as it was overnight
and not during the heat of the day, it was a non-issue.
As for the rest of South Florida, restoring power
to all communities is a priority. There was debris
on the roads in the form of fallen trees and power
lines, however most of that has now been cleared.
Most of the significant damage took place far north
of Miami Beach, heading toward West Palm Beach, Melbourne
and Daytona Beach. Flooding from the heavy and lengthy
rains as well as destruction from winds were major
factors for those areas. The cleanup and rebuilding
process is already underway.
How will the recent hurricanes affect the real estate
market? The west has earthquakes, the midwest has
tornadoes, the northeast has the bitter cold, and
we get big winds. Floridians take them in stride and
are willing to risk living here because the sunshine
and the quality of life make it all worthwhile. Count
me in.
As always, thank you for your interest in news from
Condo Hotel Center. If you enjoy reading my Property
Alerts, please feel free to share them with a friend.
If you'd like to unsubscribe, just drop me a quick
e-mail and write unsubscribe in the subject line,
and I'll take care of it for you.
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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