The Standard, Hollywood has permanently closed after 22 years in operation.

The landmark hotel in West Hollywood, California was the first to open in The Standard’s portfolio of boutique hotels in the late 1990s by hotelier Andre Balazs.

Initial investors of the property included Cameron Diaz, Leonardo DiCaprio and Benicio del Toro, and the hotel quickly became a popular spot for Los Angeles’ party set.

Confirming the news on Instagram alongside a collection of images of the hotel, the property said: “It is with a heavy heart that we must announce the closure of The Standard, Hollywood, which will shut its doors indefinitely on Friday, January 22^nd.

“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 this property impossible.”

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

The Standard also has properties in Downtown Los Angeles, Miami Beach, London, New York City and the Maldives.