Barry Sternlicht buying The Standard hotel in Miami Beach: sources

Zara co-founder Amancio Ortega’s children are selling 100-key waterfront hotel

Miami /
Dec.December 16, 2021 06:00 PM
Barry Sternlicht and the Standard Spa, Miami Beach (Getty, The Standard)

Barry Sternlicht and the Standard Spa, Miami Beach (Getty, The Standard)

Billionaire Barry Sternlicht is buying The Standard hotel in Miami Beach from the scions of Zara magnate Amancio Ortega, The Real Deal has learned.

The sale of the 100-key hotel is expected to close soon for roughly $60 million to $70 million, according to sources. The property at 40 Island Avenue will continue to be a Standard hotel. The waterfront hotel has performed well throughout the pandemic, with rates starting at nearly $600 a night.

Sternlicht, the hotelier and real estate investor who created the 1 Hotels brand and previously led Starwood Hotels & Resorts Worldwide, lives in Miami Beach. The Starwood Capital Group and Starwood Property Trust chairman and CEO is also set to open the companies’ new headquarters at 2340 Collins Avenue in Miami Beach, soon.

Sources said that Sternlicht is buying the hotel through his family office, JAWS Estates Capital. Forbes pegs his net worth at $4.3 billion.

Sternlicht and Standard International did not respond to requests for comment.

An entity tied to the Ortega family, Ferrado Lido LLC, paid $34 million for the 100-key hotel in 2008. Sandra Ortega Mera owns the majority of the parent company and Marcos Ortega Mera owns a minority stake, according to documents filed with the city of Miami Beach.

Both are the children of Amancio Ortega, who is worth more than $73 billion, according to Forbes. Ortega co-founded Zara parent Inditex with his late ex-wife and owns 60 percent of the Spanish company. He also owns real estate around the world, including in New York and South Florida. In 2015, he paid $370 million for the Apple and Nike-anchored retail block on Lincoln Road in Miami Beach.

The Standard hotel, called The Standard Spa, Miami Beach, spans 2.3 acres on Belle Isle. The property was developed in 1953 as the Monterrey Motel and Yacht Club, designed by architect Norman Giller, according to the Miami Design Preservation League. It reopened as the Lido Spa in 1960.

Standard Hotels founder André Balazs, who stepped down from his company role as chair in 2017, opened the property as the Standard Spa in 2005 following a renovation.

The hotel offers a wellness membership that includes access to its amenities, including the pool and hot tub, and discounts at the spa, hotel rooms and waterfront restaurant. Miami Beach approved plans for a major renovation of the hotel in 2017 that included a partial demolition of the east wing and the addition of a new building.

The brand, Standard International, recently announced it is getting into condo development with the sales launch of The Standard Residences in Midtown Miami, to be developed by Carlos Rosso and Midtown Development.

The hotel chain has properties in New York, London, Los Angeles, the Maldives and Thailand. It closed its West Hollywood location in January, and the property hit the market in October.





    Related Articles

    arrow_forward_ios
    Black Lion Investments' Robert Rivani and the Ritz-Carlton Residences at 4701 North Meridian Avenue in Miami Beach (Ritz-Carlton Residences, Black Lion Investments)
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Emilio and Gloria Estefan with 444 West Rivo Alto Drive (Getty, Redfin)
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Michele and Kevin Segalla and Ilya Karpov with 320 Hibiscus Drive (LinkedIn, Craig Denis) Miami, Mansions
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash (Getty, Wikipedia)
    Boutique South Beach hotels trade amid heightened demand
    Boutique South Beach hotels trade amid heightened demand
    Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Surfside collapse site (Getty)
    Surfside collapse lawsuit reaches nearly $1B settlement
    Surfside collapse lawsuit reaches nearly $1B settlement
    renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Crisp CEO Are Traasdahl and Sirissima founder Siri Willoch Traasdahl with 25 East Rivo Alto Drive in Miami Beach (LinkedIn, Brand-Innovators, Julian Johnston)
    Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
    Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
    arrow_forward_ios

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

    Loading...