Hyatt Hotels Corporation has announced its plans to purchase the brands and majority of affiliates from Standard International, which is the parent company of The Standard and Bunkhouse Hotels. This acquisition will cost a base price of $150 million with an additional potential payment of up to $185 million as more properties are added to the portfolio.
The acquired portfolio will consist entirely of asset-light properties, including management, franchise, and license contracts for 21 currently open hotels with around 2,000 rooms located in various regions such as the U.S., Europe, Asia, and Australia. Additionally included in this deal are over 30 projects that have either signed agreements or letters-of-intent. These projects include new developments set to open within the next year. To oversee this new venture into lifestyle hotels under Hyatt’s ownership , a dedicated lifestyle group will be formed based in New York City led by Amar Lalvani , executive chairman at Standard International.
Mark Hoplamazian , president and CEO at Hyatt expressed his excitement about this acquisition stating: “The team behind Standard International has created a unique collection of brands and properties that challenge conventionality while attracting devoted followers among discerning guests for over two decades.” Pictured above is one example – The High Line Hotel located in New York City.
