Morgans no more: Menin Hospitality to manage Mondrian South Beach
Menin Hospitality is now managing Mondrian South Beach, the 335-key bayfront hotel previously operated by Morgans Hotel Group.
Menin, which helped develop the condo-hotel in 2008, entered into a licensing agreement to run the hotel under the same name, Menin’s managing principal Jared Galbut told The Real Deal. The company took over on Friday.
Galbut said Menin will add a new ballroom, refresh the restaurant and pool area, and improve on the hotel rooms’ furniture, fixtures and equipment. Room rates at the hotel, which includes studios, one- and two-bedroom apartments, and penthouses, will remain the same, ranging from $250 to $700 in June, according to its website. Amenities at the Mondrian include its Agua spa, gym, restaurant, indoor-outdoor lounge, event space, and a private marina and dock.
Records show 1100 West Investments LLC, ownership tied to Crescent Heights, took out $16.2 million in financing on Monday for a number of units at the Mondrian. Citibank is the lender.
“This summer we’re going to [go through] a nice revitalization of the property and bring it back to what the Mondrian should be,” he said. “Hopefully, that will result in an increase in ADR.” The hotel will remain opening during the renovation.
For Menin, the hotel adds to its growing portfolio. The Miami-based company runs the Gale and Kaskades, the Bentley and Sanctuary, and Raffaelo Chicago, and will manage the Gale in Fort Lauderdale when it opens. It also operates a handful of Miami Beach food and beverage concepts, including Bodega Taqueria y Tequila, Red Ginger, Pizza Bar and Bakehouse.
Galbut declined to comment on the terms of the deal.
In May, Los Angeles-based SBE Entertainment Group entered into an agreement to buy Morgans in a deal valued at $794 million…