WRE Exclusive – Barry Sternlicht: “The Standard Miami Beach is Sacred Ground”

Miami Beach, FL – December 9, 2024 – WRE had the privilege of sitting down with Barry Sternlicht for an exclusive behind-the-scenes conversation about the future of The Standard Miami Beach. Below, Sternlicht shares his insights on what makes this iconic destination so special and his vision for its next chapter.

The Standard Miami Beach is an iconic property. I’ve been coming to Miami Beach my entire life and moved here, not far from The Standard, in 2016.

I felt the property was great, but could be even better. The Standard succeeds despite itself: The rooms are tired, the bathrooms are small, and the sound insulation between rooms is non-existent…but maybe that’s an asset here! People love the “peek-a-boo” nature of the property — You don’t know who is around the corner. The pool and water features are also stunning, plus it’s one of the few spots on the beach to dine on the bayfront.

Barry Sternlicht

To fund the acquisition — which I could have done myself while I am the largest partner — I invited more than 20 Miami friends and residents to join me in this labor of love, enhancing all of the good this amazing property has to offer.

We want to preserve all of the best parts of the property, and keep The Standard “The Standard.” We’ve made some small upgrades to many parts of the property: Opened the sunset bar, finished the spa, changed out some furniture, and upgraded room products as necessary.

The plan would be to take down the one-story east building and replace it with a four-story structure. The building has been designed by Bjarke Engels, one of our partners in the project, and is elegant and light and channels the spirit of the hotel.

Parking has always been a big issue at the hotel, so the first floor will be for parking, below grade. The next two floors will contain hotel rooms that will be larger than existing ones, each with their own balconies and great east and west views. The balconies will have generous plantings helping maintain the unique jungle feel of the property on the ground floor. The top two floors will house six residences: Three on the third floor and three above with private roof terraces, jacuzzis, cold plunges, etc.

Barry Sternlicht

I was a frequent guest there and always enjoyed it unique vibe, amazing pool, spa and waterfront restaurant. When the opportunity came to buy it off-market, I pounced.

Barry Sternlicht

We will also expand the docks to enable a few more boats to anchor and totally renovated The Lido with a proper kitchen so we can serve a more varied menu. Additionally, we will open the breakfast restaurant to the new lobby, renovate the lobby, and the entire western room block. We will also make some minor changes to the spa and gym, allowing more natural light into this generous space.

We are very conscious of keeping the DNA of the hotel. What makes the hotel one of the top 10 most recognizable in the country is the pool, its bayside location with epic sunsets, and the lush landscape between the two room blocks. We will keep all that.

Also in the redesign, we want to maintain the Bohemian feel of the place. I think what makes The Standard so great is its egalitarian nature: Everyone is treated equally. However, sometimes it can be too crowded and we are going to address that by discerning between paying guests and loyal members of the facilities.

As part of our zoning approvals, we’ve agreed to donate over $1M to improve the park across the property for the benefit of Belle Island residents, all of the Venetian Island residents, and frankly, for us as well considering it’s at our front door.

Barry Sternlicht

We are very conscious of keeping the DNA of the hotel. What makes the hotel one of the top 10 most recognizable in the country is the pool, its bayside location with epic sunsets, and the lush landscape between the two room blocks.

Barry Sternlicht

We are excited about the project and construction is likely to start next year, or even the year after — We want to time our work with the work the city has announced on all the bridges to the Venetian Island, since that could potentially complicate access to the island during our work. We also want to make sure we have everything finalized on the back-end so that we’re happy with both the proposed exterior and interior design and know exactly what it will cost. This will speed up the completion of the project since we want to minimize the time the entire hotel might need to be closed.

I think Miami Beach — and Miami as a whole — is going through an amazing reinvention and re-vitalization period. During the pandemic, Americans seemingly re-discovered South Florida. They learned that within a few hours, you could have a great, diverse vacation, or move here altogether and live in a vibrant, energetic city with “lots of looks”. We are seeing world class restaurants moving in and the positive flywheel of growth is causing massive renovations to old facilities and infrastructure, like the new Calatrava bridge on the McArthur.

Things work here. Homelessness is in control and there is something for everyone. It’s a super exciting time for this city, which is a melting pot of cultures.

I’ve been coming to Miami Beach since I was a child. My parents drove us down from Connecticut for Christmas and sometimes Easter holidays. My grandparents lived on South Beach in a building called Morton Towers (now known as Flamingo Pointe). As an avid tennis player, I used to watch the Jr. Orange Bowl at Flamingo Park.

I’m really proud of the “can do” attitude of Miami and the government that wants us all to succeed. I admire the hard work ethic and the fact that Southern Floridians admire success — and want to succeed themselves. Miami can become one of the top cities in the nation if it expands its school’s networks, with quality public or charter schools, and figures out its traffic issues.

With all the resources and the desire, Miami will continue to shine under the Florida sun.

Barry Sternlicht