Gaw Capital's $340 million purchase of The Standard Hotel NYC
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Gaw Capital's $340 million purchase of The Standard Hotel NYC
In one of the largest single-asset New York City hotel deals of the year, Hong Kong private equity fund Gaw Capital is obtaining a $170 million loan from French Bank, Natixis, to provide a 10-year acquisition loan for The Standard Hotel in New York City.
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The Standard HotelThe Standard Hotel New York City Sold for $340 million -
The Standard HotelThe Standard Hotel New York City Sold for $340 million -
The Standard HotelThe Standard Hotel New York City Sold for $340 million
The purchase of the 18-story, 338-room Standard Hotel at 848 Washington Street will be completed by Goodwin Gaw, who runs the Hong Kong private equity fund Gaw Capital.
It's been reported by The Real Deal that the loan would comprise exactly half of the purchase price which will be facilitied by French Bank, Natixis.
A previous contract to purchase the hotel for $400 million to sellers Dune Capital Management and Greenfield Partners fell through in 2014. Airbnb may be blamed for the downturn on vacancy rates in New York City hotels, which led to the $60 million discounted sale price of the hotel.
However given the hotel's unobstructed views of the Hudson River, trendy location in the Meatpacking district with high-end restaurants and designer clothing stores, the hotel provides a unique experience to its customers.
The iconic hotel is home to the Standard Grill, Le Bain, Top of the Standard and the Standard Biergarten.
“New York’s hospitality sector is a little out of favor at the moment,” Gaw Capital said in a statement this week.
JLL's Hotels and Hospitality Group brokers Jeffrey Davis and Gilda Perez-Alvarado took the property to market in May this year.
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