Hoteliers Ed Scheetz and Ian Schrager have scored a $121 million construction loan to fund their redevelopment of the former Standard hotel in West Hollywood, The Real Deal has learned.
iBorrow provided the three-year loan on 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. Terms of the loan were not disclosed.
The new money replaces the roughly $87 million in loans from iBorrow and the U.K.-based Reuben Brothers, used by Scheetz and Schrager to buy the hotel in 2023. It’s unclear whether the Reuben Brothers provided new financing in addition to iBorrow’s.
Standard International shuttered the hotel in 2021, after the leaseholder, Ferrado Group, and the property owner, Rittersbacher Group, hiked rents. Rittersbacher put the hotel up for sale a few months after.
The hotel is expected to be rebranded into a Public hotel, a brand owned by Ian Schrager Company.
The hotel moguls have worked to score permits with the City of West Hollywood for the 139-key property, which is subject to historic preservation status.
Last month, Schrager and Scheetz scored a conditional use permit from the city, which allows the hotel to serve and sell alcoholic beverages on site, according to planning documents.
On a personal note, Schrager and his wife Tania sold their Miami Beach penthouse in April for $7 million, TRD reported. Back in 1977, he and Steve Rubell opened the celebrity-strewn Studio 54 nightclub in New York City.