A longstanding Art Deco hotel in the heart of South Beach is entering its next chapter. The Tony Hotel South Beach has sold for $16.5 million in an off-market transaction, with its new owners planning a major renovation and continued operation of the Collins Avenue property.
Read MoreVictory Investments Group Acquires Hotel Astor In Miami Beach For $12.75 Million
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.
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