The Standard, Iconic Celebrity-Backed Sunset Strip Hotel, to Close: 'Painful to Say Goodbye'

A view of The Standard, Hollywood Hotel in West Hollywood
A view of The Standard, Hollywood Hotel in West Hollywood

Axelle/Bauer-Griffin/GC Images The Standard hotel in West Hollywood, California

The Standard, considered by many as a landmark hotel in Los Angeles, is closing its West Hollywood, California, location for good.

Doors will shut Friday, the hotel announced "with a heavy heart" on Instagram Thursday alongside a gallery of photos showing off the building façade (including The Standard's iconic upside-down logo), a sun-soaked pool and the inside of the lobby.

"Despite 22 years of unconditional love for our hotel, our guests, our team and our community, the hotel was unable to prevent a significant increase to its lease, which makes operating the property impossible," a caption on the Instagram post reads.

According to the Los Angeles Times, the West Hollywood location was the first in The Standard boutique hotel chain to open back in the late 1990s, by hotelier Andre Balazs, who stepped down as chairman in 2017.

Stars like Cameron Diaz, Benicio del Toro and Leonardo DiCaprio helped fund the location to open, the Times reports, and has been a popular spot over the years for celebrities like Uma Thurman, Jennifer Lopez and Matt Dillon.

Never miss a story - sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

RELATED GALLERY: Every Household-Name Brand Filing for Bankruptcy or Closing Stores Amid the Coronavirus Pandemic

The post continues on to say "Hollywood was the birthplace of The Standard's culture," in that the property "came to life through its timeless design, live music performances at Desert Nights, blue Astroturf pool scene, living art in 'The Box,' and the many late, hazy nights at our nightclub incarnations: Purple Lounge, Mmhmmm and Giorgio's."

"While there are and will be more Standard hotels, there will never be another Standard, Hollywood," the post continues. "And though it is painful to say goodbye, we know that the community we inspired will live on.⁣⁣"

The hotel chain has locations in Downtown Los Angeles, Miami Beach, London, New York City and even the Maldives.

A view of The Standard, Hollywood Hotel in West Hollywood
A view of The Standard, Hollywood Hotel in West Hollywood

AaronP/Bauer-Griffin/GC Images The Standard hotel in West Hollywood, California

RELATED VIDEO: Sam's Club Closing Stores Across the U.S.

The hotel chain requested for its followers to "post your favorite Hollywood memories in the comments" and DM them photos of their time there, in an effort "to help us bid a fond farewell" to the property.

"We'll compile everything into a digital scrapbook to enjoy whenever you could use a little California sunshine," they concluded. "Thank you for everything. We are eternally grateful."