Shelter Island's Andre Balazs to sell four hotels
Hotelier-to-the-hip Andre Balazs tells Crainsnewyork.com that he is close to a deal to sell four of his hotel properties to an unidentified buyer. He’ll use the proceeds, he tells Crain’s, to reinvest in additional hotels.
His company, Andre Balazs Properties, will continue to operate Hotel QT in Manhattan, and three Standard Hotels in Los Angeles, Hollywood and Miami after they are sold to the investor.
Among the other properties he owns which are not for sale are the Chateau Marmont in Hollywood, and here on Long Island, the Sunset Beach on Shelter Island's Shore Road.
Where will Balazs's next investment be? Earlier this summer, when questioned by Newsday, a representative of Balazs denied the rumor that he would be adding Shelter Island’s Chequit Inn to his hotel portfolio. At the time, listing agent Tony Cerio of Brown Harris Stevens also denied the rumor.
The Chequit Inn, built in 1872, is still currently listed on the Brown Harris Stevens Web site for $6 million. The one-acre property includes three buildings, water views and an on-site antiques shop, just two blocks from the North Ferry.
Balazs, who once had a romantic relationship with actress Uma Thurman, owns a vacation home on Shelter Island close to Itzhak Perlman’s summer music camp.