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The Standard Hotel on the Sunset Strip in West Hollywood is set to close on Friday, 22 years after it opened with the financial backing of stars such as Leonardo DiCaprio, Cameron Diaz and Benicio del Toro.
The location was the first that hotelier André Balazs opened in the Standard boutique hotel chain. The brand, with its irreverent reverse logo, has cultivated a laid-back, cool and celebrity-studded vibe. The chain has expanded to six locations in the Los Angeles, New York, Miami and London areas, and operates under parent company Standard International. Balazs stepped down as chairman of the company in 2017.
A representative from Standard International said Thursday that the building’s lease holder had exercised his option to increase the lease price in 2019 and that the increase had “made the operation of the hotel untenable.” She said the hotel had tried to renegotiate.
With the COVID-19 pandemic, which has resulted in restrictions on travel and in-person events, the country’s hospitality industry is going through its worst crisis in decades.
The Standard lease is held by the Ferrado group, a real estate investment company based in Spain and established in Newport Beach. Company representatives could not be reached for immediate comment.
The interiors of the Standard were originally created by movie designer Shawn Hausman. The place had been a hangout for celebrities such as Matt Dillon, Uma Thurman, Jennifer Lopez, Rose McGowan and Gloria Estefan.
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