André Balazs sells majority stake in Standard hotel brand

Wed Sep 4, 2013 2:06pm EDT

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(Reuters) - Hotelier André Balazs has sold a majority interest in his Standard hotel brand and said the brand's High Line property in New York was looking for new investors.

Balazs will be the chairman and hold a significant stake in Standard International, a newly formed management company that will control five boutique hotels located in Los Angeles, Miami and New York. Industry veteran Amar Lalvani will be the managing partner, according to a statement from Balazs.

Balazs also said that he and the investor group that financed the Standard High Line hotel were looking for buyers for the property that straddles New York's High Line Park. Standard International expects to continue to manage the property following a sale.

Crain's New York Business reported in February that Dune Capital Management and Greenfield Partners, majority owners of the Standard High Line, were looking to sell their stake in a deal that could total $300 million. (r.reuters.com/fed82v)

Pierre Rougier, who represents André Balazs Properties, said in an emailed statement that the company would not release any further information as the transaction was private.

Dune Capital and Greenfield Partners could not be immediately reached for comment.

(Reporting by Aman Shah in Bangalore; Editing by Saumyadeb Chakrabarty)

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