André Balazs has stepped down as chairman of Standard hotels, according to a Financial Times report.
The celebrity hotelier’s been behind hip haunts like the Standard High Line in New York, Hollywood’s Chateau Marmont and London’s Chiltern Firehouse. He’s also known for dating stars like Uma Thurman and Chelsea Handler.
Balazs founded the Standard chain 18 years ago. According to the FT, “Balazs has left the board of the management company that controls five Standard hotels, including its flagship New York property,” but he will maintain a 20-percent stake in Standard International as well as some individual hotels. In 2013, Balazs formed a management firm, Standard International, and sold off 80-percent to investors.
The move comes as the Standard brand is in the process of launching an ambitious new hotel in London. Balazs told the FT he was, “no longer involved with the design or any other aspect of the development of the London Standard,” but that his move to leave was a “friendly parting of ways.”
A source told Page Six, “This was a long time coming… the industry is waiting to see what the brand will do without the man who founded it, and how it will fare without him.”
The Standard High Line was where hip hop mogul Jay Z was caught on security footage in 2014 being assaulted by his sister-in-law, Solange Knowles, in a hotel elevator while leaving a Met Gala party with Beyonce.
A rep for Balazs did not immediately get back to us.