Standard hotel property sold, new venue name to be resurrected in its Sunset Strip location
UPDATE: One of the Sunset Strip’s iconic hotel sites has been sold and plans to reopen under a new name.
The Standard Hollywood property – once one of the most iconic hotels on the Sunset Strip – has been bought by developers Ian Schrager (the co-founder and hotelier of Studio 54) and Chelsea Hotel founder Ed Scheetz, reports the Real Deal .
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The website says they intend to purchase the signal rights and operating lease. They will rebrand the hotel under another name.
The Standard was popular with celebrities and nightlife, but closed in 2021 after the pandemic decimated its business. It also had a downtown location, which remains closed and not part of the Sunset Strip deal.
No deadline has been set for the reopened Sunset Strip location.
EARLIER: The Sunset Boulevard celebrity hangout The Standard Hotel in West Hollywood is set to close on Friday, ending a 22-year run as the site for many Hollywood parties.
The venue, formerly owned by hotelier Andre Balazs, who also owns neighboring Château Marmont, opened in 1999 with financial support from Leonardo DiCaprio, Cameron Diaz and Benicio del Toro, among others. The site’s showbiz roots were reflected in its interiors, originally created by film set designer Shawn Hausman.
“It is with heavy hearts that we must announce the closure of The Standard, Hollywood, which will close its doors indefinitely on Friday, January 22,” read a message on the company’s website. “Despite 22 years of unconditional love for our hotel, our guests, our team and our community, the hotel has been unable to prevent a significant increase in its lease, making it impossible to operate the property.”
The post continued, “With personality and personalities, and the backdrop of countless legendary tales, Hollywood has been the birthplace of The Standard culture. It came to life through its timeless design, live musical performances at Desert Nights, its blue Astroturf pool scene, the living art in “The Box” and the many late, foggy nights of our nightclub incarnations: Purple Lounge, Mmhmmm and Giorgio’s. Although there are and will be more Standard hotels, there will never be another Standard, Hollywood. And though it’s painful to say goodbye, we know the community we inspired will live on. Thank you for everything. We are eternally grateful.
Balazs sold his ownership interest and his management company in 2017. There were five hotels called The Standard in the United States, including locations in Hollywood, downtown Los Angeles, Miami and two in New York. It is unclear if other sites are affected by the Sunset Strip closure.
The hotel was known for its upside-down logo and celebrity hideout, thanks to the many parties held on the premises.
The Covid-19 pandemic has severely affected the hospitality industry. The owner of the hotel, a property investment company based in Spain, could not immediately be reached for comment on the site’s plans.
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