Galbut sells 50% stake in Mondrian South Beach

Menin Hospitality will continue to manage and operate the property

Miami /
Dec.December 13, 2019 12:33 PM
Russell Galbut and Mondrian South Beach condo-hotel

Russell Galbut and Mondrian South Beach condo-hotel

Russell Galbut is continuing to sell off part of his hotel portfolio.

Galbut’s Crescent Heights sold 50 percent of its Mondrian South Beach condo-hotel to investor Michael S. Liebowitz for an undisclosed amount. Galbut, himself, will retain 50 percent ownership, and Menin Hospitality will continue to manage and operate the property, according to a press release.

Menin helped develop the 335-key condo-hotel at 1100 West Avenue. It was built in 2008 and was previously run by Morgans Hotel Group.

The hotel is known for its pool that overlooks Biscayne Bay and is a popular destination for Instagramers. The property includes a spa, gym and the Mondrian Caffe.

Liebowitz is president and CEO of Harbor Group Consulting, which advises large banks such as JPMorgan Chase, Goldman Sachs, Barclays, UBS and Deutsche Bank, according to the release.

He said he is looking to invest in more hotel properties in Miami Beach and is attracted to the area due to the influx of wealthy people flocking to the area for tax benefits. The Mondrian is a good investment opportunity because that part of South Beach has fewer hotels than Collins Avenue, he said.

Leibowitz met Galbut a few weeks ago and immediately knew he wanted to do business with the long-time Miami Beach developer. “He was a perfect guy to be partners with. We did a handshake deal, and we closed in a couple of weeks,” Leibowitz said. “We are both guys of our words.”

Over the past few months, Galbut has sold off or listed some of his South Florida hotel portfolio.

A company tied to Galbut and Keith Menin put the 26-room Domio Kaskades Hotel in Miami Beach on the market for $15.8 million. 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.

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 condo tower called Park on Fifth at 500 Alton Road, on the site of the former South Shore Hospital.


Related Articles

arrow_forward_ios
James Vosotas and Branden Muhl with Hotel Greystone in Miami Beach (Trip advisor, Trans Inns Management, Mahaska)
Miami-Dade judge tosses out Hotel Greystone lawsuit
Miami-Dade judge tosses out Hotel Greystone lawsuit
Oceana Bal Harbour at 10201 Collins Avenue Bal Harbour (Condo.com, compass)
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
The Deauville Beach Resort at 6701 Collins Avenue (Google Maps, Office of the City Manager)
Miami Beach orders historic oceanfront Deauville resort to be demolished
Miami Beach orders historic oceanfront Deauville resort to be demolished
(Illustration by Kevin Rebong for The Real Deal)
“One non-stop boom”: After surge in home sales, inventory keeps shrinking in South Florida
“One non-stop boom”: After surge in home sales, inventory keeps shrinking in South Florida
From left: Alejandro Diaz Bazan, David Solomon, Brett Harris and Ana Bozovic (Andian Group, Brett Harris Homes, Miami Girls, iStock)
Build it and they will come: Resi agents join the South Florida spec home development craze
Build it and they will come: Resi agents join the South Florida spec home development craze
From left: Andres Isaias and Alejandro Diaz Bazan of Andian Group (Andian Group, Thamann Architecture + Design)
Waterfront Sunset Islands home featured on “Miami Vice” sells for $14M
Waterfront Sunset Islands home featured on “Miami Vice” sells for $14M
554 Lakeview Dr, Miami Beach and Jarett Fein (Zillow, KV National)
Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
A photo illustration of Ocean House South Beach, 125 Ocean Drive (Condo.com, iStock)
Ocean House South Beach closing tops weekly condo sales in Miami-Dade
Ocean House South Beach closing tops weekly condo sales in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...