Could another shake-up becoming to the New York hospitality industry? Earlier this summer rumors began to surface that Standard International, the hospitality firm founded by hotelier Andre Balazs, which originally bought out The Standard, High Line from other investors in 2014 for $400 million, is in late-stage talks to unload the asset. Balazs built the hotel in 2009 with $240 million in funding from Dune Capital Management and Greenfield Partners. In 2013, Balazs sold an 80% steak in Standard International to an investor group before stepping down as chairman earlier this year (2017). Forbes is reporting that Gaw Capital, a private equity fund led by Goodwin Gaw, has made a discounted offer that is moving fast toward closing in the $300 million range. Gaw pointed to low vacancy rates and a city-wide oversupply of hotel rooms led to their ability to offer $60 million under previous offers. The Standard, High Line features 337 hotel rooms and was designed by Ennead Architects.
