Hyatt to acquire Standard International and its brands

Hyatt Hotels Corporation has plans to acquire the brands and most of the affiliates of Standard International, parent company of The Standard and Bunkhouse Hotels brands, to enhance Hyatt’s position as the leader in the industry’s premier lifestyle space.

The transaction is anticipated to close later this year, subject to customary closing conditions.

Hyatt will acquire Standard International and its brands, like The Standard and Bunkhouse Hotels; The Standard, London, pictured

With this transaction, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City. Led by Standard International’s executive chairman Amar Lalvani, the lifestyle group will leverage Hyatt’s best-in-class operational and loyalty infrastructure while assuming distinct leadership across key functions including experience creation, design, marketing, programming, public relations, restaurants, nightlife and entertainment.

The new lifestyle group will be made up of the Standard International team as well as Hyatt colleagues. The acquired portfolio will be 100 per cent asset-light and includes management, franchise and license contracts for 21 open hotels with approximately 2,000 rooms, including The Standard, London, The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and boutique treasures like Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico.

In addition to The Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and its two newest additions, The StandardX, which launched this month in Melbourne, Australia, and The Manner, which launches next month in Soho, New York. Beyond its hotel brands, the portfolio includes world-class restaurant and nightlife concepts including The Boom Boom Room, The Standard Grill, The Standard Biergarten, and more.

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: The Standard, Pattaya Na Jomtien, The StandardX, Bangkok Phra Arthit, as well as Bunkhouse Hotels Saint Augustine and Hotel Daphne. Standard International has also developed a robust residential business with Standard Residences under development in Miami, Lisbon, Phuket, Hua Hin and Mexico City as well as completed Bunkhouse Residences at the Hotel Saint Cecilia in Austin.

Following the closing of the transaction, Hyatt plans to integrate these hotels into World of Hyatt, bringing this portfolio of lifestyle properties to the programme’s 48 million loyalty members.

Sansiri, which acquired a majority position in Standard International in 2017 and facilitated the company’s international expansion, will continue to own several properties that will be managed or franchised under the acquired brands.

Mark Hoplamazian, president and CEO, Hyatt, commented: “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.”

Upon closing, Lalvani will take on the role of president and creative director of the lifestyle group, overseeing the integration of the brands to be housed within the group. He 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. We have a shared vision for the enormous potential that still lies ahead.”

Source: https://www.ttgasia.com/2024/08/21/hyatt-to-acquire-standard-international-and-its-brands/