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Russell Galbut, Keith Menin ink deal with short-term rental operator Domio
They plan to sign about 10 deals together
Hotelier Keith Menin and Crescent Heights developer Russell Galbut have inked the first of a number of deals with Domio, a short-term rental operator, The Real Deal has learned.
Menin and his uncle, Galbut, signed a 10-year lease with Domio to take over management of the Kaskades Hotel at 300 17th Street in Miami Beach, Domio CEO and founder Jay Roberts said. The lease begins Oct. 1.
Menin is acting as an owner of the property and the deal is not affiliated with his Menin Hospitality, he said. Domio will take over management of the 26-key hotel from Urbanica The Hotels.
Roberts said he met Menin through mutual friends a couple of weeks ago and closed their first deal within days. They plan to sign leases for properties in South Florida and throughout the U.S., including in Chicago.
Domio expanded to South Florida last month when it signed a $1.45 million lease for 45 units at the beachfront Monte Carlo at 6551 Collins Avenue in Miami Beach. The company has more than 2,000 rooms in its portfolio, the bulk of which are in Chicago and New Orleans.
Roberts said that 50 percent of bookings are done directly through Domio’s website, which was attractive for Menin. “What owners are seeing, by putting it into the Domio platform, we’re really creating a network of apartment hotels,” he said.
Menin Hospitality previously operated the Kaskades as part of the nearby Gale South Beach, which it opened in 2015 after a full restoration. The building was originally designed by architect Melvin Grossman in 1953, according to the publication Hotel Business. It includes a rooftop terrace and pool, and a food and beverage component.
In August, companies tied to Menin and Galbut sold the shuttered Sanctuary Hotel at 1745 James Avenue in Miami Beach for $14.4 million to Blue Road. A month earlier, Galbut sold the Bentley Hotel on Ocean Drive for $28 million, also previously managed by Menin Hospitality.
Galbut was also recently the lender to Urbanica Management for a 52-room hotel planned for 803 Fifth Street in Miami Beach.