Lifestyle hotelier Andre Balazs and his investment partners Dune Capital Management and private equity firm Greenfield Partners have sold the 330-room Standard High Line in New York City to Standard International for a reported price of US$400 million, or US$1.2 million a room. The price on the deal that closed on February 14 is considered close to a record for New York City.
Last fall, Balazs sold 80% of his interest in Standard International, the management company that runs five hotels, to an investor group that includes former Goldman Sachs trader David Heller. However, Balazs continued to hold the real estate, and his stake in the Standard High Line could be as high as 20%.
Rumored buyer Steven Kantor of S2K Partners turned out to be just that — a rumor. He was not involved in this deal, according to reports.
That project, formerly known as the Cooper Square Hotel, was acquired in 2011 for US$90 million. Greenfield and Dune had reportedly invested US$240 million in the Standard since then.