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2/24/23
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Ian Schrager and Ed Scheetz recently purchased the 139-key hotel property formerly known as the Standard Hotel in West Hollywood. The hotel property is located at 8300 Sunset Blvd, midway between La Cienega and Crescent Heights Blvds in the heart of the Sunset Strip.
The acquisition was funded with an $86.7 mil loan that was funded through a co-lending partnership between iBorrow and Reuben Brothers. The buyers plan to renovate and rebrand the hotel to the PUBLIC Hotel flag. The new loan will support the property acquisition and the process of obtaining the permits needed to execute the long-term business plan—especially as the property will remain non-operational through the term of the loan.
According to a recent report, CBRE forecasts increased RevPAR growth for the hotel industry in 2023, despite economic challenges. The industry is expected to see growth in demand for leisure and corporate travel, driven by the increasing availability of COVID-19 vaccines, pent-up demand, and a shift towards remote work.
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