To secure its leadership in lifestyle hospitality, Hyatt will acquire Standard International. The purchase includes the Bunkhouse Hotel and The Standard brands, continuing Hyatt’s growth in the lifestyle space. The transaction closes later this year, costing $150 million upfront, with an additional $185 million as more properties join the portfolio.
Standard International brings lifestyle properties around the world
Hyatt will create a New York City-based lifestyle group as part of the purchase. Led by Standard International’s Executive Chairman, Amar Lalvani, the group will combine teams from Standard International and Hyatt, continuing the latter’s drive toward a brand and experience-focused company. Once closed, the transaction will include 21 hotels with around 2,000 rooms, allowing World of Hyatt members to enjoy numerous loyalty perks.
The deal includes properties like The Standard, London; The Standard, Bangkok Mahanakhon; The Standard, High Line in New York City; Hotel San Cristóbal in Baja California, Mexico; and Hotel Saint Cecilia in Austin, Texas.
Mark Hoplamazian, President and Chief Executive Officer, Hyatt, said: ““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.”
“These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty. 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.”
Amar Lalvani added: “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 honored 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.”
