18 investors from Brazil, China, and Venezuela are funding $9M of the hotel's renovation
After a grueling two-year application process, Miami Beach’s Hotel Astor has been granted EB-5 status by theU.S. Citizenship and Immigration Services office, The Real Deal has learned.
That means the 18 investors from Brazil, China, and Venezuela who are funding $9 million of the hotel’s renovation will be getting visas that pave the way for their permanent U.S. residency. The investors put in $500,000 each.
Now, he and his partners can begin a long-awaited renovation of the Art Deco hotel’s 42 rooms and 5,000-square-foot restaurant space, as well as reinstalling a swimming pool in the garden just south of the property’s main building, Hart said.
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