Dune Capital Management and Greenfield Partners are considering a sale of their majority stake in the iconic Standard Hotel, in a deal that could be worth $300 million, Crain’s reported.
Experts say that the Standard — branded by boutique hotelier André Balazs — carries a cachet with the New York City nightlife crowd that will up its asking price. The Meatpacking District hotel houses trendy restaurants and bars such as the Standard Biergarten, the Standard Grill and the celebrity haunt the Boom Boom Room.
“The food and beverage in a hotel like the Standard produces disproportionate income,” Mark Gordon, a principal at the hotel development company Tribeca Associates, told Crain’s. “Any buyer would evaluate the value of the hotel component and then assign an additional value to the food and beverage.”
Dune Capital and Greenfield’s push to sell is motivated by a number of market trend factors, sources told Crain’s, including low interest rates, escalating real estate values and a glut of buildings available for sale. [Crain’s] —Hiten Samtani