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Hyatt acquiring Standard International hotel brands
Hyatt Hotels Corp just announced the planned acquisition of Standard International, parent of The Standard and Bunkhouse Hotels brands.
The transaction is set to close later this year.
Following the transaction, Hyatt will establish a new dedicated lifestyle group that will be headquartered in New York City.
It will be helmed by Standard International’s Executive Chairman Amar Lalvani.
The lifestyle group will manage all key functions like design, marketing, PR, restaurants, nightlife and entertainment while leveraging Hyatt’s operational and loyalty infrastructure.
The new lifestyle group will include the Standard International team as well as Hyatt colleagues.
The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 21 open hotels.
It comprises 2,000 rooms, including The Standard, London, The Standard, High Line in NYC, and The Standard, Bangkok Mahanakhon.
It also includes boutique properties like Hotel Saint Cecilia in Austin, and Hotel San Cristóbal in Baja California, Mexico.
Hyatt plans to integrate these hotels into World of Hyatt.
“The team behind Standard International has created a unique portfolio with a loyal following among the most discerning lifestyle guests,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt.
“We are thrilled to welcome Standard International’s properties and team to the Hyatt family.”
Upon closing, Lalvani will take on the role of President and Creative Director of the lifestyle group, overseeing the integration of the brands.
In addition to The Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and The StandardX, which launched this month in Melbourne, Australia.
Beyond hotels, the portfolio includes various restaurant and nightlife concepts including The Boom Boom Room and The Standard Grill.
The acquisition also includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months:
These include The Standard, Pattaya Na Jomtien and The StandardX, Bangkok Phra Arthit.
Upon closing, Hyatt will pay $150 million, with up to an additional $185 million over time as additional properties enter the portfolio..
Related News Stories: Partner News – TravelMole
Learn more about : World of Hyatt ( N. America )
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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