Crescent Heights Sells 50% Interest in Mondrian South Beach

Real estate development company Crescent Heights has sold 50% of the Mondrian South Beach hotel to investor Michael Liebowitz for an undisclosed amount. Russell Galbut, managing principal of Crescent Heights, will retain 50 percent ownership of the Mondrian South Beach, and Menin Hospitality will continue to manage and operate the property.

The sale will see Galbut and Liebowitz as managing members of the hotel. Together, the two plan to play an active role in enhancing the customer experience while staying true to Menin Hospitality brand standards. The Mondrian South Beach is located in the Biscayne Bay area of Miami Beach.

“When I first met Russell, it was to discuss buying the Mondrian. However, I immediately recognized it was in my best interest to partner with him instead and when he agreed, I jumped at the opportunity,” said Liebowitz. “I could not think of a better, more talented and seasoned person to guide me through my first foray into the hotel industry. I very much look forward to working collaboratively to make the Mondrian even better than it already is.”

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