The Hyatt Hotels Corporation is poised to acquire Standard
International, the parent company of The Standard and Bunkhouse Hotel brands.
The deal is expected to close later this year with an
initial purchase price of $150 million and a further $185 million as additional
hotels enter the portfolio.
It will add 21 existing hotels to Hyatt’s portfolio of more
than 1,350 globally and bolster its position in the ‘premier lifestyle space.’
Following completion of the acquisition, Hyatt will create a new lifestyle
group headquartered in New York City which will be led by Standard
International’s executive chairman Amar Lalvani.
The Standard brand is known for its quirky design ethos and includes hotels in
London, New York, Bangkok, Miami, Singapore and Melbourne.
Standard International also operates Bunkhouse Hotels, which has properties in
North America, as well as Asia-based Peri Hotels, The StandardX in Melbourne
and The Manner in New York, which is due to open in September.
In addition, the acquisition includes more than 30 new projects, several of
which are expected to open within the next 12 months.
Properties included within the acquisition will be added to Hyatt’s World of
Hyatt loyalty program.
“The team behind Standard International has created a unique and award-winning
portfolio of brands and properties that turn the status quo on its head and
have attracted a loyal following among the most discerning lifestyle guests for
the past 25 years,” said Hyatt’s Mark Hoplamazian, president and chief
executive officer.
“We are thrilled to welcome Standard International’s
properties and team to the Hyatt family with the newly created lifestyle group
and draw on their brilliance, creativity, culture and innovation,” he added.
“We waited a long time to find the right company with whom to join forces,”
added Lalvani, who led the development of W Hotels and later helped establish
The Standard brand. “In choosing Hyatt, we tap into a powerful global
infrastructure and loyal guest base.”