Boutique hotelier André Balazs has sold his majority stake in the Standard Hotel brand.
Separately, Balazs and the investor group that owns the Standard High Line are shopping the trendy boutique hotel, which straddles the elevated park in the Meatpacking District. The ownership group, AB Green Gansevoort, has retained Eastdil Secured to market the property.
The hotelier and developer revealed in April that he was seeking new investors to help him expand the Standard brand, as previously reported.
Balazs will continue to serve as chairman of the Standard, and will stay a shareholder. Amar Lalvani, who was head of development for André Balazs Properties, was promoted to the role of managing partner.
The hotel chain also has locations in the East Village, Los Angeles and Miami Beach.
It’s been a big day for Balazs, who was named as the operator of a nearly 30,000-square-foot beach club at SuperPier, formerly known as Pier 57, the Youngwoo Associates-developed pier in the Hudson River. — Mark Maurer