Standard International is looking to sell the Standard High Line in New York City. Standard International has chosen real estate marketing firm JLL to market the property.
The Meatpacking District hotel was developed by hotelier André Balazs and was funded by Dune Capital Management and Greenfield Partners. Dune capital and Greenfield invested about $240 million in the development, and the property opened in early 2009. In early 2014, they both sold their stake in the hotel for about $400 million to Balazs' Standard International.
Balazs, meanwhile, sold 80 percent of his stake in Standard International in 2013 to a group of investors including former Goldman Sachs employee David Heller. Heller is now a private investor with stakes in the Philadelphia 76ers, Peloton Fitness and other brands. Amar Lalvani remains Standard International's OM, but it is unclear who else is involved with the company right now.
While Balazs still owns a 20-percent stake in Standard International, he stepped down as its chairman in early 2017. Balazs told the Financial Times that leaving would allow him to focus on developing unique hotels in the luxury market. “The lack of uniqueness in the luxury sector is lamentable,” he said in a statement. “I think we changed the affordable category. I think the luxury market is crying for exactly that.”
Balazs announced his decision as planning for the Standard London, the first hotel in the brand outside of the U.S., was underway, but said that he was “no longer involved with the design or any other aspect of the development of the London Standard.”