Victory Investments Group has acquired the art deco Hotel Astor on Miami Beach for $12.75 million, $304,000 per key, in an off market deal. The Susan Gale Group with ONE Sotheby’s International Realty, which specializes in hospitality transactions, represented both sides of the transaction. Hotel Astor is located at 956 Washington Avenue in the heart of South Beach and was not in operation at the time of sale. The property features a swimming pool and 4,000+ square-foot restaurant space. Victory Investment Group plans to breathe new life into the shuttered 42-room, three story hotel which was built in 1936 and designed by T. Hunter Henderson. According to Gale, the property will undergo extensive renovation, bringing the price per key to $500,000. Over the years Hotel Astor has been at the center of an alleged EB-5 fraud and two bankruptcy filings.

Images via The Susan Gale Group, ONE Sotheby’s International Realty