Just a few months after news emerged that the owners of the Standard Hotel, in the Meatpacking District, were looking for a new buyer, a candidate may have come forward. Private equity fund Gaw Capital has made an offer on the hotel, and the firm will likely be the new owner of the hotel, Forbes reports.
The head of the fund told the publication that they made an offer that was “$60 million less than a previous offer by another buyer back in 2014.” That year Standard International (the company founded by hotelier Andre Balazs), purchased the hotel for about $400 million, so taking that into account Gaw Capital’s offer is probably somewhere in the low $300 million range.
The chairman of the fund explained to Forbes that “hospitality sector is a little out of favor at the moment,” in NYC and that the city’s hotels were particularly feeling the impact of Airbnb—hence the lower offer.
Balazs had already sold 80 percent of his stake in Standard International to a group of investors in 2013, but is holding on to the remainder. Balazs is hopeful that the sale of the remainder of his stake will let him focus on building more unique hotels in the luxury market.