Andre Balazs steps down from Standard hotel brand

Hotelier left the board of the company that runs five Standard hotels

New York /
Mar.March 10, 2017 09:10 AM

André Balazs, founder of the Mercer and Standard hotels, stepped down as chair of the Standard hotels brand.

The hotelier left the board of Standard International, the company that controls five Standard hotels, including the Standard High Line. The hotelier will retain a 20 percent stake in the company as well as a stake in some individual hotels, the Financial Times reported.

Balazs, who launched the Standard brand 18 years ago, described the move as a “friendly parting of ways,” according to the newspaper. The company is in the midst of developing a 270-room hotel in London, and the hotelier told the paper he was “no longer involved with the design or any other aspect of the development of the London Standard.”

Balazs said he’d have more time to work on new projects, namely ultra-luxury hotels.

“The lack of uniqueness in the luxury sector is lamentable,” he told the publication. “I think we changed the affordable category. I think the luxury market is crying for exactly that.”

Balazs spun off the Standard brand from Andre Balazs Properties in 2013. He sold an 80 percent stake of Standard International, the business that runs his hotels, to private investors for an undisclosed price.

In 2014, Standard International paid $400 million, or about $1.2 million per room for the Standard High Line. [FT]E.B. Solomont


Related Articles

arrow_forward_ios
Last-mile facilities dominating industrial real estate
Last-mile facilities dominating industrial real estate
Last-mile facilities dominating industrial real estate
Newest unicorn is property-services startup Lessen
Newest unicorn is property-services startup Lessen
Newest unicorn is property-services startup Lessen
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Donald Trump (Getty)
Pandemic dashed one-quarter of Trump’s NYC retail tenants
Pandemic dashed one-quarter of Trump’s NYC retail tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...