Hong Kong investor in deep talks to buy Standard Hotel

Famed hotel went into contract for $400M in 2014

New York /
Aug.August 08, 2017 09:00 AM

A Hong Kong real estate powerhouse is in late-stage talks to buy the Standard Hotel along the High Line.

If the deal goes through, Gaw Capital Partners would pay $340 million for the property, 15 percent less than what the hotel was in contract to sell for in 2014, the New York Post reported.

In 2014, hotel management company Standard International went into contract to buy the hotel for $400 million from Dune Capital Management and Greenfield Partners. The deal, however, never went through.

The decline in price can be attributed to a number of factors, including the over-saturation of the city’s hotel market and greater competition from the likes of Airbnb. Cushman & Wakefield’s Tom McConnell, who is not involved with the Standard deal, said the price drop would be “similar to the diminution in values that we’ve seen around the city.”

Gaw, a fund run by Goodwin Gaw and his siblings, owns property worth an estimated $8 billion around the world. The company’s U.S. arm manages more than $2.7 billion worth of assets, including the Hollywood Roosevelt Hotel in Los Angeles. The company is also an investor in Second Home, a London-based co-working company.

Through subsidiaries, Gaw once had stakes in 123 William Street, 218 West 18th Street and 285 Madison Avenue. It has since sold its stakes in the properties. [NYP] — Kathryn Brenzel


Related Articles

arrow_forward_ios
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
Apollo Global Management will take over craft retailer Michaels in a deal that values the company at $3.3 billion. (Wikipedia Commons, iStock)
Craft retailer Michaels to go private in $5B deal
Craft retailer Michaels to go private in $5B deal
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
arrow_forward_ios

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

Loading...