Rooms Hotels

Investors to Pay $400 Million for New York’s Standard Hotel

Excerpt from Wall Street Journal

Feb 12, 2014 10:06 am

Skift Take

Hotelier AndrĂ© Balazs’s decision in September to shed real estate assets and focus on management seems like a very good idea right now.

— Jason Clampet

Report: Social Media Customer Service in the Travel Industry

Dan Nguyen  / Flickr

The Standard High Line in New York. Dan Nguyen / Flickr


… 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.

Read the Complete Story →

Tags: ,

Next Up

More on Skift

Mitt Romney Turns Travel Blogger for New Medium Post
Skift Business Traveler: Delta Improves Its In-Flight Entertainment
More Travelers Seeking Customer Service Help on Facebook Than Twitter
What Today’s Global Business Travelers Need In a Corporate Travel Program