Lifestyle empresario André Balazs is checking out of the Standard brand he started in Hollywood, California, in 1999, stating he now wants to redefine ultra-luxury hotels, according to a Friday report by The Financial Times.
The FT reported Balazs has stepped down as chairman of Standard International and left the board of the management company that operates the five Standard hotels, although he is retaining his 20% stake in Standard International as well as his stakes in individual properties. He is also no longer involved with the development of Standard’s first international hotel in London, a 270-room hotel near St Pancras railway station being developed by Crosstree Real Estate Partners.
He told the FT his departure was “friendly” and done to free up time to concentrate on new projects, such as opening ultra-luxury hotels. “The lack of uniqueness in the luxury sector is lamentable,” he said. “I think we changed the affordable category. I think the luxury market is crying for exactly that.”
Operations at Standard International will continue to be led by CEO and Managing Director Amar Lalvani who had this to say on Balazs’ departure:
“André has left a lasting mark on both The Standard and the hospitality industry more broadly. We have an incredibly strong brand, strengthened further by the most creative and innovative team in our space. We are building a global business and look forward to the many opportunities that lie ahead.”