Developer plans “extensive renovation” of Hotel Astor in Miami Beach after $12.75 million purchase

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Hotel Astor Miami Beach
The Susan Gale Group, ONE Sotheby’s International Realty

The Hotel Astor at 956 Washington Ave. in Miami Beach has been sold for $12.75 million in an off-market deal.

The Art Deco hotel in South Beach includes a swimming pool and more than 4,000 sq. ft. of restaurant space, says a public relations representative for The Susan Gale Group with ONE Sotheby’s International Realty, which represented both sides of the transaction.
Public records indicate the seller is 1651 Astor LLC and the buyer is Victory Investments Group .
“The buyer plans to breathe new life into the shuttered 42-room, three story hotel,” the spokesperson wrote in a Sept. 9 email to Florida Construction News. “According to Gale, the property will undergo extensive renovation, bringing the price per key to $500,000.”

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