DTLA Standard Reopening Under New Name In April
The Standard Downtown Los Angeles hotel, shuttered officially since January 2022, is slated to reopen on April 1 as The Delphi hotel.
The new hospitality venture will be operated by Fairfax, Virginia-based Crestline Hotels & Resorts, CoStar reported.
A spokesperson for Crestline declined to comment.
It is unclear what work beyond cosmetic updates needs to be done in the property, which first closed during the initial pandemic lockdowns and didn't reopen. There are no permits for major upgrades to the property on file with the LA Department of Building and Safety.
The hotel will have food and beverage options on the roof, second floor and in the lobby, according to CoStar.
A number of brokers who work on hotel sales in the Downtown LA market told Bisnow over the last month that ownership didn’t seem interested in selling the property. Larger economic conditions have slowed transactions across multiple sectors.
The owners, a subsidiary of Spanish real estate investment firm Ferrado Group, bought the hotel in 2008 for $92M. The sale price works out to roughly $444K per room in the now-207-room hotel. The average sale price per room in Los Angeles County midyear 2022 was approximately $190K, according to a survey from Atlas Hospitality Group.
Downtown hotels have a 12-month occupancy of 66.9%, according to CoStar data. While below pre-pandemic levels, occupancy is up from 57.4% a year ago.
CORRECTION, FEB. 21, 2 P.M. PT: A previous version of this story incorrectly stated that Hodges Ward Elliott is involved in this project. The story has been updated.
