Its been just three years since André Balazs’s Standard High Line sold, but it looks like another sale is in the Meatpacking District hotel’s future.
The hotel, which opened in early 2009, was masterminded by Balazs and bankrolled by Dune Capital Management and Greenfield Partners, who invested about $240 million in the property. Dune and Greenfield sold their stake in the hotel for roughly $400 million in early 2014 to Standard International, a management company founded by Balazs, who are now looking to offload the property, The Real Deal has learned.
Balazs sold 80 percent of his stake in Standard International in 2013 to a group of investors including David Heller, a former Goldman Sachs employee who now acts as a private investor with stakes in the Philadelphia 76ers and Peloton Fitness, among other brands. Beyond its operations manager Amar Lalvani, it’s unclear who is involved with Standard International at this time.
Balazs continues to own a 20 percent stake in the group, but stepped down as its chairman earlier this year. In an interview with the Financial Times, Balazs indicated that selling his stake in Standard International would allow him to move into developing unique hotels in the luxury market. (For what it’s worth, the Standard Hotels brand is considered an affordable product.)
Standard International has hired real estate marketing firm JLL to market the property, TRD reports, but the company has declined to comment on their involvement.