Investor Michael S. Liebowitz bought 50 percent of the Mondrian South Beach hotel for an undisclosed amount from Crescent Heights. Russell Galbut, Managing Principal of Crescent Heights, has retained 50 percent ownership of the Mondrian South Beach.
The sale sees Galbut and Liebowitz as managing members of the hotel and introduces new opportunities for the property in 2020. Together, Galbut and Liebowitz play an active role in enhancing the customer experience.
Liebowitz lends his extensive entrepreneurial experience in establishing and selling several businesses in the insurance and financial industries. Currently, he also serves as President and CEO of Harbor Group Consulting which he founded in 1995. Harbor advises many of the largest banks in risk management, such as JPMorgan Chase, Goldman Sachs, Barclays, UBS and Deutsche Bank, within their real estate investment banking platforms. Many of these projects included major hotel operators such as Hilton, Marriott and the Four Seasons, and owners including Blackstone, Caesars Entertainment and Las Vegas Sands.
“When I first met Michael, I knew he was special,” says Galbut. “He thinks through matters deeply and has a keen eye for design and operations. Michael’s contribution to the Mondrian has already been important and worthwhile.”
Galbut and Liebowitz bring over four decades of combined experience to the table. After graduating from the School of Hotel Administration at Cornell University and receiving a JD from the University of Miami School of Law, Galbut acquired the Shelborne South Beach in 1983. Galbut went on to co-found Crescent Heights, which since its inception in 1989, has specialized in the development, ownership and operation of architecturally distinctive mixed-use high-rises across the nation.
“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. Together we are working collaboratively to make the Mondrian even better than it already is.”
Away from the bustle of Miami Beach’s tourist center, the Mondrian South Beach pioneers the growing neighborhood of Biscayne Bay by offering one-a-kind-views of the glittering waterway and Magic City skyline. Guests can soak up the sun at the legendary pool, refresh at the signature GUYandGirl Spa, or work off last night’s indulgence from the Mondrian Caffé while experiencing the world-class gym.
