Russell Galbut wants to sell another Miami Beach hotel

The Domio Kaskades Hotel is listed for $15.8 million

Nov.November 18, 2019 02:30 PM
From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Miami Beach developer Russell Galbut and his nephew Keith Menin are looking to sell another Miami Beach hotel.

A company tied to Galbut and Menin is seeking to sell the 26-room Domio Kaskades Hotel in Miami Beach for $15.8 million or $607,692 per room. The property at 300 17th Street totals 18,725 square feet.

Marcus & Millichap’s Drew A. Kristol, Kirk D. Olson and Joseph Thomas represent the seller in the deal.

If the sale goes through, it will be the third Miami Beach hotel Galbut and Menin have sold since July. In August, companies tied to Menin and Galbut sold the shuttered Sanctuary Hotel at 1745 James Avenue for $14.4 million to Blue Road. A month earlier, Galbut sold the Bentley Hotel on Ocean Drive for $28 million. It was previously managed by Menin Hospitality.

In September, Menin and Galbut signed a 10-year lease with the short-term operator Domio to take over management of the Kaskades Hotel. Domio is a New York-based startup that aims to “professionalize the Airbnb space” by renting out apartments or hotels rooms on a short-term basis.

Domio expanded to South Florida in August 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, according to its website.

The Kaskades Hotel was originally designed by architect Melvin Grossman in 1953. Grossman was known for his minimalist style and designed the historic International Inn in Miami Beach and worked on Caesars Palace in Las Vegas, according to his obituary.

Galbut’s company purchased the property for $2 million in 2013.

Galbut’s Crescent Heights is one of the most active developers in Miami Beach. The company is currently developing a 44-story, 519-foot-tall luxury residential building called Park on Fifth at 500 Alton Road, on the site of the former South Shore Hospital.

Recently, however, Galbut has turned his attention to Miami’s Edgewater neighborhood. Crescent Heights is in the planning stages for a mixed-use project between Northeast 29th to 32nd streets and between Northeast Second Avenue and Biscayne Boulevard. The Miami-based firm, led by Galbut, Sonny Kahn and Bruce Menin, plans to build 800 residential units and over 600,000 square feet of retail and office space on the assemblage.

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