The Standard, High Line Hotel in New York City has found a surprise buyer, sources tell the New York Post: Hong Kong-based developer Goodwin Gaw and Gaw Capital Partners.
Standard International, the management company for Standard-branded inns which currently manages the hotel, was erroneously reported in 2014 to be in contract to buy for US$400 million from owners Dune Capital Management and Greenfield Partners. That deal never closed and now sources told The Post that Gaw Capital Partners – run by Goodwin and his brother and sister – is in talks to pay US$340 million for the property, some 15% than reported offers made in 2014.
As of this story posting, Gaw Capital President and Managing Partner Kenny Gaw had not responded to HOTELS email asking for confirmation of Tuesday’s report.
Gaw Capital owns properties valued at US$8 billion around the globe, including iconic hotels like The InterContinental Hong Kong and The Strand in Yangon, Myanmar. Its American affiliate, Gaw Capital Partners USA, has more than US$2.7 billion in gross assets under management — including L.A.’s Hollywood Roosevelt Hotel. One of Gaw’s investment funds also recently bought the Marriott City Center in Oakland, California.
The lower price for The Standard, High Line may be a result of a spike in New York City’s supply, which rose an average of 4.8% annually from 2014 to 2016, according to data from STR.