By CBSLA Staff

LOS ANGELES (CBSLA) – After more than two decades, one of West Hollywood’s trendiest hotels is shutting down for the foreseeable future.

The Standard Hollywood will shut its doors “indefinitely” on Jan. 22 after the hotel said it was “unable to prevent a significant increase to its lease”.

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“While there are and will be more Standard hotels, there will never be another Standard, Hollywood. And though it is painful to say goodbye, we know that the community we inspired will live on,” the statement read.

“It’s been around for a long time,” said Johnny Parker who has lived in L.A. for 70 years. “Businesses up and down the Sunset Strip are closing.”

LOS ANGELES, CA – FEBRUARY 02: A view of The Standard, Hollywood Hotel in West Hollywood on February 02, 2014 in Los Angeles, California. (Photo by Axelle/Bauer-Griffin/GC Images)

Known for its quirky upside-down signage and famed bright blue pool deck that was a destination for Hollywood execs and celebrities alike, The Standard Hollywood first opened in 1999 and soon became a nightlife fixture on the Sunset Strip.

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But while some are worried it’s a bad sign for the real estate market, Josh Altman, a real estate expert from the show “Million Dollar Listing” has a different take on what could happen to the economy.

 

“At times like this when businesses are closing, there are opportunities for new businesses to arrive,” said Altman Thursday. “The market is on fire right now. There are twice as many coming in as leaving right now.”

The Standard served as a 1960s motel and retirement home before developer Andre Balazs and A-list investors such as Cameron Diaz, Leonardo DiCaprio, and Benicio del Toro helped transform The Standard into what it ultimately became.

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As part of its public farewell, The Standard is asking for the public to share memories from the hotel by sharing them via DM on Instagram.