Iconic Miami Beach Hotel Nets Nearly $13 Million in Off-Market Deal - S. Florida Business & Wealth
Main Navigation
Sections
Social Media Connect
Our Other Brands
  • Lifestyle Media Group Logo
South Florida Business and Wealth
South Florida Business & Wealth
Real Estate

Iconic Miami Beach Hotel Nets Nearly $13 Million in Off-Market Deal

| SFBW Staff
Photo Credit: The Susan Gale Group, ONE Sotheby’s International Realty

With new owners at the helm, Hotel Astor will soon undergo massive renovations to turn the shuttered 42-room, three-story hotel into a vibrant and modern resort.

Located at 956 Washington Avenue in the heart of South Beach, the property sold for $12.75 million. It features a swimming pool and over 4,000 square-foot of restaurant space. The art deco hotel was built in 1936 on a 14,900 square-foot lot and designed by T. Hunter Henderson.

The Susan Gale Group with ONE Sotheby’s International Realty represented both sides of the transaction. The seller is 1651 Astor LLC and the buyer is Victory Investments Group, a real estate investment firm that plans to finance the massive renovations.

You May Also Like
A group of people in business attire and hard hats stand in front of a construction site banner, holding shovels and posing for a groundbreaking ceremony on a sunny day. South Florida Business & Wealth
Two modern high-rise buildings with curved balconies, viewed from below against a blue sky. Palm trees frame the scene, adding a tropical atmosphere. South Florida Business & Wealth
Two modern, glass high-rise buildings stand near a sandy beach lined with palm trees, with the ocean stretching out to the horizon under a clear sky at sunrise or sunset. South Florida Business & Wealth
A serene outdoor pool with lounge chairs and towels, surrounded by lush greenery, in front of a modern building with balconies and large glass doors leading to a well-lit interior. South Florida Business & Wealth
More Real Estate Posts
Where the Money Still Says “Yes”
 |  SFBW Staff

In Fort Lauderdale and beyond, lenders and buyers are voting for proven assets, strong locations, and real demand.

Read More
Aerial view of a waterfront cityscape with tall modern buildings, a large hotel or convention center, palm trees, and several yachts docked along a marina under a partly cloudy sky. South Florida Business & Wealth
Rewriting the Blueprint
 |  SFBW Staff

From development and design to brokerage and urban planning, these women are changing not just skylines, but the culture behind them.

Read More
Blueprint-style illustration featuring silhouettes of five women holding blueprints, standing in front of a cityscape and architectural plans, with the text “The Women Rewriting The Blueprint” prominently displayed above. South Florida Business & Wealth
PEBB Enterprises Sells Cypress Creek Office Asset for $11.93 Million
 |  SFBW Staff

Longtime owner exits the 6400 Building as it sharpens focus on new South Florida office opportunities

Read More
Where the Billionaires Bought 
 |  SFBW Staff

South Florida’s Defining Year in Luxury Real Estate.

Read More
Aerial view of a large, elegant white mansion with manicured gardens and palm trees, located on a beachfront with clear blue ocean and sky in the background. Neighboring luxurious homes line both sides. South Florida Business & Wealth
Other Posts
The Hamptons of South America?
 |  SFBW Staff

Why Punta del Este May Be the Next Great Escape for American Buyers.

Read More
South Florida Real Estate Heats Up with Three Major Deals
 |  SFBW Staff

From multifamily to office and redevelopment, this week’s top transactions across the tri-county market.

Read More
Mall Makeover
 |  SFBW Staff

Fort Lauderdale’s Galleria Mall Gets New Life Under Retail Veteran Sandeep Mathrani

Read More
Excel Group Bets Big on Broward’s Growth Corridor
 |  SFBW Staff

Private Equity Snaps Up Coconut Creek Hotel Portfolio for $21.17 Million

Read More