Standard Holdings to Manage New L.A. Hotel

Standard Holdings--owner of the legendary Chateau Marmont and the hip Standard hotels in West Hollywood--will manage and serve as majority owner of a new hotel in what is now an empty office building in downtown Los Angeles. Standard Holdings in partnership with Columbia Development last week bought the 12-story property at Flower and 6th streets. Standard Holdings President Andre Balazs said his New York-based company plans to transform the former Bank of California building into a 200-room hotel. The property will operate under the Standard name. It is expected to open in 18 months and will target young business travelers, Balazs said. Balazs also owns the Mercer Hotel in New York.