Hoteliers Ed Scheetz and Ian Schrager have secured a $121 million construction loan to fund the redevelopment of the former Standard hotel in West Hollywood, The Real Deal has learned.
The three-year loan, provided by iBorrow, will be used to transform the hotel located at 8300 Sunset Boulevard, according to property records filed with Los Angeles County. Neither iBorrow nor Schrager responded to requests for comment, and the terms of the loan have not been disclosed.
This new financing replaces approximately $87 million in loans from iBorrow and U.K.-based Reuben Brothers, which Scheetz and Schrager initially used to acquire the hotel in 2023. It remains unclear if Reuben Brothers provided additional financing alongside iBorrow’s latest investment.
The Standard Hollywood Hotel opened on West Hollywood’s Sunset Strip in 1999. It was developed by Andre Balazs Properties. The structure was originally built in 1962 as the Thunderbird Motel. Many West Hollywood residents may remember when it was a retirement home before Balazs purchased and remodeled it.
The hotel shuttered on January 2, 2021, after being on The Sunset Strip for 22 years. Following a rent hike by leaseholder Ferrado Group, property owner Rittersbacher Group put the property up for sale shortly after. Scheetz and Schrager plan to rebrand the property into a Public hotel, a brand owned by the Ian Schrager Company.
In April 2022, West Hollywood’s Historic Preservation Commission (HPC) unanimously gave The Standard Hotel building (formerly The Thunderbird Hotel) a local designated cultural resource recommendation. The 139-room Mid-Century Modern building required the hoteliers to secure various permits from the City of West Hollywood. Last month, the duo obtained a conditional use permit allowing the hotel to serve and sell alcoholic beverages on site, according to planning documents.
Schrager, a notable figure in the hospitality industry, first made headlines in 1977 when he and Steve Rubell opened the iconic Studio 54 nightclub in New York City.
