Hyatt has completed its acquisition of Standard International and its hotel brands, The Standard and Bunkhouse Hotels.
The 100 per cent asset-light portfolio includes management, franchise and license contracts for 22 open hotels with approximately 2,000 rooms, including The Standard, London, The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and The Manner in SoHo.
New properties slated to open later this year include The Standard, Singapore, Bunkhouse’s Hotel Saint Augustine in Houston, and The StandardX, Bangkok Phra Arthit.
The acquisition also includes a residential business with Standard Residences under development in Miami, Lisbon, Phuket, Hua Hin, Mexico City and Tulum as well as completed Bunkhouse Residences at Hotel Saint Cecilia in Austin, Texas.
The acquisition includes more than 30 future projects with a signed agreement or letter of intent, along with new projects sparked by the August announcement of the planned acquisition.
Mark Hoplamazian, president and CEO of Hyatt, said: “The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable.
“Developers love this combination as much as we do,” he added.
In the coming months, Hyatt will debut its new dedicated lifestyle group that will be headquartered in New York City with additional offices in Austin and Bangkok and led by president and creative director Amar Lalvani, former executive chairman of Standard International.
“The lifestyle segment isn’t for the faint of heart, it takes creativity and commitment,” noted Lalvani. “But if you get it right, you reap the benefits of outsized guest loyalty and outsized developer returns.”
Complementing its growth in lifestyle, Hyatt’s portfolio continues to grow across all segments, and has plans for a new dedicated luxury group with distinct leadership across key functions and services focused on caring for guests and customers at the pinnacle of luxury.