Standard Hotel could go for $1.2M per room

Among the bidders: Steve Kantor, "American Idol" creator Simon Fuller
February 12, 2014 12:53PM

The Standard Hotel in the Meatpacking district could sell for more than $400 million, or around $1.2 million per room — the highest price for a hotel since the financial crisis struck in 2008.

A group led by Steve Kantor is in talks, along with other bidders, to buy the 18-story hotel.

The hotel was developed and managed by hotelier Andre Balazs’s company. Balazs sold his majority stake in the Standard Hotel brand last year, putting the property on the market.

Dune Real Estate Partners and Greenfield Partners stand to bank quite a bit from the sale of 848 Washington Street between West 12th and 13th streets, with about $240 million invested into the property, according to the Wall Street Journal.

A $400 million sale would work out to $1.2 million per room.

“American Idol” creator Simon Fuller is a behind-the-scenes investor with Kantor, as The Real Deal previously reported. [WSJ] Angela Hunt