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Hotelier André Balazs’s decision in September to shed real estate assets and focus on management seems like a very good idea right now.
… the downtown hot spot is raising eyebrows for a different reason: a near-record sales price.
Final bidders include a group led by investor Steven Kantor. They and others are in negotiations to pay more than $400 million for the five-year-old property, say people familiar with the matter. The Standard, which is managed by hotelier Andre Balazs‘s company, sits above the city’s elevated pedestrian park known as the HighLine and attracts a young and chic crowd.
The price would represent at least $1.2 million a room, these people said. That would be the highest paid for a U.S. hotel on that basis since the financial crisis, and the fourth highest ever, according to broker Jones Lang LaSalle.