Hotel Mogul Sheds Majority Stake In Standard Brand

Law360, New York (September 4, 2013, 7:41 PM EDT) -- Luxury hotel mogul Andre Balazs has sold his majority stake in the Standard Hotel brand, which boasts properties in New York, Miami and Los Angeles, and is seeking potential buyers for one of the hotel's two New York city locations, he said Tuesday.

Balazs hasn't completely ceded control of the properties, as he will be chairman of a newly formed management company that will oversee the hotels and will also hold a substantial stake in the management company, dubbed Standard International, he said in a statement....
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