Hotelier Andre Balazs is facing challenges selling the Standard Line Hotel in downtown Manhattan. The 338 room property had the asking price of $1.2 million, one of the heftiest prices for a hotel. It is operated by Standard International, owned by Balazs.
There were prospective buyers that signed a contract, but the Asia-based group tried to get out of the deal and lost a large down payment. The group intending to buy wants to add another partner, while the owners of the hotel, Dune real estate partners and Greenfield Partners, are refinancing debt. The owners paid $240 million for the hotel, which is close to the pedestrian elevated park called the High Line.