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PR Newswire
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Setai Resort & Residences Under New Management

MIAMI BEACH, Fla., March 31, 2012 /PRNewswire/ --Setai Owners LLC, a hotel company affiliated with Lehman Brothers Holdings Inc., today announced that the Setai Resort & Residences is under new management. The owner terminated its agreement with General Hotel Management, Ltd. and GHM (South Beach) LLC ("GHM") today and installed Trevi Luxury Hospitality Group, Inc. ("Trevi") to operate the luxury South Beach hotel and condominium complex.

Trevi has assumed operational control of the property and notified guests, condominium owners, suppliers and employees of the change in management. Most of the employees at the resort have been offered employment under the new operator, and reservations are currently being accepted. Guests may call (305) 520-6110 regarding existing or new reservations.

"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."

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.

"The owner believes that it was in the best interest of the project to exercise its rights, install new management at the resort and initiate the arbitration," says William A. Brewer III, partner at Bickel & Brewer and counsel for Setai Owners LLC.

"We will work with GHM to ensure an orderly and seamless transition to new management for the benefit of all interested parties," says Richard Siu, the representative of Lehman Brothers Holdings Inc., responsible for the Setai Resort & Residences.

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 Atef 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."

The Setai Resort & Residences is a luxurious oceanfront resort located in the heart of Miami's South Beach neighborhood. Set amid tropical gardens and sparkling pools at the edge of the Atlantic Ocean, the property offers an intimate private spa, three pools and acclaimed restaurants and bars. It is located on Collins Avenue at 20th Street near Miami Beach's thriving cultural district, featuring nightlife, fine dining, shopping and other South Beach attractions.

About Setai Owners LLC:
Setai Owners LLC, a limited liability company with its principal place of business in New York, New York, is affiliated with Lehman Brothers Holdings Inc. It holds ownership interests in signification portions of the Setai Resort & Residences, including most of the hotel condominium units located on the property.

About Trevi:
Headquartered in Dallas, Texas, Trevi Luxury Hospitality Group is an organization dedicated to creating world-renowned hotels and resorts. Having assembled a team of the industry's most noted and experienced luxury hotel executives, Trevi offers an unparalleled capacity for developing, planning, operating, managing and marketing the finest independent hotels and resorts worldwide. Trevi is the vision of respected international hotelier Atef Mankarios, who serves as CEO. Trevi provides comprehensive services to select independent luxury hotels and resorts around the world. Visit Trevi at www.trevilhg.com.

About Bickel & Brewer:
Bickel & Brewer has earned a reputation as one of the most successful law firms in the United States practicing exclusively in the field of complex commercial litigation and dispute resolution. With offices in New York and Dallas, Bickel & Brewer represents a broad spectrum of business leaders, which includes entrepreneurs, Fortune 500 corporations and financial service organizations facing challenging legal issues. Visit Bickel & Brewer at www.bickelbrewer.com.

SOURCE Setai Owners LLC

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