Menin Hotels, run by cousins Jared Galbut and Keith Menin, is fast-expanding its South Beach property empire, according to the Miami Herald. Galbut, 30, and Menin, 32, are presiding over a $100 million-plus expansion, restoring their relatives’ Gale South Beach Hotel and buying bars and restaurants in the trendy South of Fifth neighborhood.
Their current holdings include four South Beach hotels, including the 200-room art deco luxe Shelborne hotel, another family property.
Gregory Rumpel, managing director of Jones Lang LaSalle Hotels in Miami, told the Herald that surveys of real estate deals have shown a compound annual growth rate approaching 20 percent.
Abraham and Bessie Galbut arrived in Miami Beach in 1929 and later owned a corner store and eatery, an auto tag agency, travel agency and several retail outlets, the Herald reported. [Miami Herald] –Emily Schmall