Victory Investments Buys Iconic Hotel Astor in South Beach for $13M

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New Jersey-based Victory Investments Group bought Miami Beach’s iconic Hotel Astor for $12.75 million, more than a year after its closure. 

Located at 956 Washington Avenue, the Art Deco hotel sits between 10th and Ninth streets in the heart of South Beach. Built in 1936, the three-story property holds 42 rooms, a pool and 4,000 square feet dedicated to retail, property records show.

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The hotel closed in June 2020 after the entity that held the land lease filed for bankruptcy, according to the South Florida Business Journal. The seller, Swiss-based Tigestim SA, purchased the 23,047-square-foot property out of bankruptcy in 2020, court records show.

The new owner, who paid all cash, plans to renovate and reopen the hotel, according to Susan Gale of ONE Sotheby’s International Realty, who represented both the seller and the buyer and announced the sale. Victory Investments Group is an investment firm led by perfume manufacturer Anil Monga.

Distressed Miami hotels have come back into vogue for investors as the pandemic wreaked havoc on the hospitality industry. Earlier this summer, CGI Merchant Group purchased the nearby, shuttered Celino South Beach hotel with plans to reopen the establishment this fall. 

Julia Echikson can be reached at jechikson@commercialobserver.com.