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Pre-pandemic, the 63-room lodge had nearly operated as a members-only venue with 70 per cent of its guests listed as repeat customers.
The effect that the coronavirus crisis has had on consumers’ perception of safety has prompted Balazs to fully convert the property into a private facility.
Members will pay regular fees and own shares in the property, which can eventually be sold back to the management company or other approved members.
In exchange, guests can make use of a private dining area, a personal butler, and the freedom to leave their belongings and come and go during extended stays, according to the Los Angeles Times.
Balazs, who owns other boutique properties such as the Chiltern Firehouse in London and the Mercer in Manhattan, plans to expand the member-ownership concept globally. A spokesperson noted that “the Merger and Chiltern Firehouse are not necessarily going to be included in this new business model.”