Big Challenges Are Ahead For NYC’s The Standard Hotel

The pandemic has been hard on hotels large and small

Standard Hotel
Room lights in the shape of a heart on the side of the Standard Hotel in the Meatpacking District during the COVID-19 pandemic on April 22, 2020.
Gotham/Getty Images

Overlooking the High Line, New York City’s The Standard has established itself as one of the city’s most prominent hotels ever since it opened in 2009. Between high-end parties and memorable appearances on film, it’s become a proper destination. Despite all of that, The Standard also faces an uncertain future right now — Curbed reports that it’s currently facing foreclosure.

As was the case with many hotels, COVID-19 has been especially hard on The Standard — with the hotel’s amount of weekday business travelers still not back to what it was before the pandemic began. The hotel is currently owned by Gaw Capital, which purchased it in 2017 for the sum of $340 million. At the time, Curbed’s Kim Velsey noted, Gaw took out a loan for $170 million to cover the acquisition.

According to a lawsuit that Wells Fargo recently filed, The Standard currently owes $187 million — with Gaw Capital not having made any mortgage payments since May of last year. Velsey’s article suggests a few reasons why Gaw would remain invested in The Standard, which the article describes as “a trophy property.”

If the last two years have taught us anything, it’s the last things you might expect have a tendency to come to pass. That being said, Curbed’s article points out that Goodwin Gaw of Gaw Capital has transformed the fortunes of hotels before — which could be encouraging news for The Standard.

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