A Gaw Capital Partners-controlled fund is in the late stages of talks to acquire the Standard Hotel along the High Line in New York City for $340 million, the New York Post reported, citing unnamed sources.
The proposed purchase price is potentially 15% lower than what the hotel was supposed to sell for in a 2014 deal with Standard International, which manages Standard-branded inns. Dune Capital Management and Greenfield Partners were under contract to sell the property to Standard International in early 2014 for $400 million, but the deal did not close, according to the publication.
Standard International Marketing and Communications Vice President Corey Tuttle refuted recent reports that his company had acquired the property. In an email to the Post, Tuttle reportedly dismissed the rumored acquisition as "incorrect information" and confirmed that the "original owners still own the property."
Hong Kong-based investor Goodwin Gaw, who runs Gaw Capital, did not respond to an email request for comment. Tuttle did not comment on Gaw's potential acquisition. JLL, which is marketing the property, also provided no comment on the matter, according to the publication.