Standard buys Sixty Soho hotel for apparent post-Covid record
Deal marks trendy boutique chain’s third Manhattan location
Standard International is about to make another big splash Downtown.
The trendy boutique hotel operator is in contract to buy the 97-key Sixty Soho hotel at 60 Thompson Street from the Pomeranc family’s Sixty Collective, multiple sources confirmed to The Real Deal.
One source familiar with the deal said the hotel sold for more than $1 million per key, which would put the sale price above $100 million and set a post-Covid record, surpassing last month’s sale of the Mr. C hotel in the South Street Seaport for $900,000 per room.
JLL’s Jeff Davis, who brokered the sale on behalf of Michael and Jason Pomeranc’s hospitality firm, declined to comment. Standard International chair Amar Lalvani confirmed the deal but declined to comment further.
Standard operates a pair of boutique hotels in Manhattan: the 338-key Standard High Line at 848 Washington Street and the 21-story Standard East Village at 25 Cooper Square. The brand, which opened its first location in 1999 on Hollywood’s Sunset Strip, has since expanded to locations in Miami Beach, London, Ibiza and Bangkok, among others. Lalvani transitioned from CEO to executive chair in 2021, tapping former president Amber Asher to succeed him.
The Sixty Soho Hotel, known as the 60 Thompson Hotel until 2013, rises 14 stories between Broome and Spring streets. The 56,000-square-foot property opened in 2001.
The city’s pandemic-battered hospitality market has seen a handful of deals in recent months. In addition to Sono Hospitality’s $60 million purchase of the Mr. C last month, hotelier Jeff Klein paid $62 million in December for the Jane Hotel at 113 Jane Street in the West Village. Klein plans to convert parts of the property into a private club.