Hyatt has announced the acquisition of Standard International, the parent company of The Standard and Bunkhouse Hotels lifestyle brands, for US$150m, with an additional US$185m payable as more properties join the portfolio.
The acquisition will add Standard International’s 21 open hotels to Hyatt’s collection, with plans to integrate these properties into the World of Hyatt loyalty program after the transaction is finalized.
Standard International’s portfolio includes The Standard brand properties in various locations worldwide, such as London, New York, Miami, Ibiza, and Bangkok, as well as upcoming developments in cities like Singapore, Dublin, and Lisbon.
Hyatt will establish a new dedicated lifestyle group, based in New York City and led by Amar Lalvani, to oversee the acquired properties and leverage the unique brands, programming, and culture of Standard International.
Amar Lalvani CEO said: “We waited a long time to find the right company with whom to join forces. In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. I am very proud that our team has delivered on the potential we saw with The Standard and Bunkhouse Hotels and am honoured that Hyatt appreciates how special our brands, properties, and – most importantly – our people are. We have a shared vision for the enormous potential that still lies ahead. I would be remiss not to express my gratitude to Hyatt for taking this bold step forward and to Sansiri who has been instrumental in supporting our efforts.”
