Setai Owners LLC, a hotel company affiliated with Lehman Brothers Holdings Inc., on Saturday announced that the Setai Resort & Residences in Miami Beach is under new management. The owner terminated its agreement with General Hotel Management and GHM (South Beach) LLC and installed Trevi Luxury Hospitality Group, led by veteran hotelier Atef Mankarios, to operate the hotel and condominium complex.
In related developments, Setai Owners LLC announced that is has commenced an international arbitration against GHM, amid allegations that the Singapore-based management company violated the terms of a management agreement, dated March 20, 2000, and that the hotel should have been more profitable.
Trevi assumed operational control of the property early Saturday and notified guests, condominium owners, suppliers and employees of the change in management.
“Our goal is to improve the profitability, management and overall ‘Setai experience’ for hotel guests and condominium owners,” said Anthony Barsanti, vice president of Lehman Brothers Holdings Inc. “We believe that under the right management, this property has limitless potential.”
Trevi plans to implement a new financial and management structure at the property, but offer employment to the majority of current hotel staff members.
“The hallmark of this property will be offering a level of service and attention to detail that is beyond comparison,” said Mankarios, president and CEO of Trevi, and former head of St. Regis Hotels & Resorts and Rosewood Hotels & Resorts. “In all my years of managing luxury resorts, I have seen few that hold more promise than this property to be a world-class destination.”