The Standard Hollywood property — one of the most iconic hotels on the Sunset Strip — was purchased by developers last week. Both locations in DTLA and West Hollywood closed during the pandemic, but some new life is potentially coming for the latter.
Ian Schrager — Studio 54 co-founder and famed hotelier — along with Chelsea hotel founder Ed Scheetz are under contract to buy the West Hollywood property, reports the Real Deal. The partners intend to purchase signage rights and the operating lease, which allows the use of the hotel without transferring ownership rights. The property will rebrand into another name, which has not been announced.
The Standard Hollywood closed in 2021, having suffered major losses during the pandemic. The Downtown location remains closed as well. If all goes well, Schrager and Scheetz will have a prime location in one of SoCal’s most legendary stretches of Los Angeles.
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