Quantcast
Rooms Hotels

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

Excerpt from Wall Street Journal

Skift Take

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

— Jason Clampet

… 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 →

More Stories Below ▼
Skift Business Traveler: Better Operations Coming From United Airlines
The State of Travel Media 2015
Trend Report

The State of Travel Media 2015

The Smart Travel Jacket That Has Raised $7.2 Million and Counting on Kickstarter
The Rise of Personalized All-Inclusive Luxury

The Rise of Personalized All-Inclusive Luxury

What the On-Demand Economy Is Teaching Us About Hotel Bookings
The Vacation Rental Technology Ecosystem
Trend Report

The Vacation Rental Technology Ecosystem