Shuttered Hotel Astor in Miami Beach gets a new owner

Shuttered Hotel Astor in Miami Beach gets a new owner
Hotel Astor Miami Beach via Facebook – www.therealdeal.com

42-key hotel was previously marketed for sale amid bankruptcy; buyer plans renovation

Hotel Astor, an iconic Art Deco property in Miami Beach that has been at the center of an alleged EB-5 fraud and two bankruptcy filings, has a new owner.

Victory Investments Group, which records show is led by Anil Monga, paid $12.8 million for the shuttered 42-room hotel at 956 Washington Avenue in South Beach. Monga is CEO of Victory International USA, which manufactures and distributes name brand fragrances and cosmetics, according to Monga’s LinkedIn. Monga is also a hotel investor.

Property records show 1651 Astor LLC sold the building, which features a swimming pool and more than 4,000 square feet of restaurant space. It was built in 1936 on a 14,900-square-foot lot. The storied hotel was designed by T. Hunter Henderson.

The sale price equates to about $304,000 per room.

Susan Gale of One Sotheby’s International Realty represented the buyer and selller.

1651 Astor LLC, a Florida company that lists a Switzerland address, previously tried to sell the property’s ground lease for $12 million. Astor EB-5 LLC was the lessee that filed for bankruptcy two times, according to the filings. The lessor and fee simple owner, 1651 Astor LLC, acquired the ground lease and the building at a bankruptcy auction earlier this year, court records show.

By Katherine Kallergis  www.therealdeal.com
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