André Balazs has revealed he is to step down from his role of chairman at Standard hotels, according to a report by the Financial Times.
The hotelier announced on March 9 that he is to take a step back from his role with Standard International, the brand he founded in 1999, as the group edges closer to launching its first property in London.
Balazs is behind hip hotel haunts such as the Standard High Line in New York, Hollywood’s Chateau Marmont and London’s Chiltern Firehouse.
According to the FT, “Balazs has left the board of the management company that controls five Standard hotels, including its flagship New York property,” but he will maintain a 20% stake in Standard International as well as some individual hotels.
Plans were announced in April last year for the first Standard outside the US to be constructed in London, with the former Camden Town Hall annexe to be transformed into a £20m 270-bed hotel in the capital.
As work gets underway, Balazs told the FT he was, “no longer involved with the design or any other aspect of the development of the London Standard,” but that his move to leave was a “friendly parting of ways.”
In 2013, Balazs sold his majority stake in Standard Hotels and separated it from his larger real estate company, André Balazs Properties, while retaining 20% of shares.
Balazs opened the first Standard Hotel in 1999 in West Hollywood, in California, just down the street from his first hotel project, the Chateau Marmont. Since then, he’s opened additional hotels, both under the Standard Hotels brand as well as other projects under André Balazs Properties.