The five-year-old über-hip destination of the Meatpacking District, The Standard Hotel, is soon to be no more, as the hotel poises itself to take a record-breaking sales price. The hotel above the High Line is expecting to snag over $400 million in the sale of the building alone: hotelier André Balazs will take the Standard moniker with him. Final bidders include a group comprised of Steven Kantor of S2K Partners and Simon Fuller, the man who gave us American Idol. The $400 million or more sale would represent at least $1.2 million paid per room, the highest rate a hotel has fetched since the financial crisis, and the fourth highest price paid for a hotel ever, the Journal reports. In 2013, the average price paid per room in hotel sales of $10 million or more was $217,000.
Balazs raised eyebrows a few years ago when he sold off a sizable portion of his portfolio. Then, as seems true for now, it was for the purpose of equity and reinvestment in more properties. Along with Balazs, standing to profit on this massive sale is Dune Investment Firm and Greenfield Partners, who spent about $240 million on the neighborhood game-changer in the past 10 years. The imminent trade aside, it's hard to forget the hotel's past travails, like the especially noteworthy Curbed obsession with the hotel's guests-turned-exhibitionists.
· Standard Hotel to Fetch a Postcrisis Record [WSJ]
· All Standard coverage [Curbed]