To secure its leadership position in lifestyle hospitality, Hyatt is acquiring Standard International. The acquisition includes the Bunkhouse Hotels and The Standard brands and continues Hyatt's growth in the lifestyle sector. The transaction is expected to close later this year for an initial cost of $150 million and an additional $185 million for each additional property added to the portfolio.
Standard International delivers lifestyle properties worldwide
The Standard, High Line, New York City Standard Hotel
As part of the acquisition, Hyatt will establish a New York City-based lifestyle group. Led by Amar Lalvani, executive chairman of Standard International, the group will combine the Standard International and Hyatt teams and continue Hyatt's efforts to become a brand- and experience-focused company. Once completed, the transaction will include 21 hotels with approximately 2,000 rooms and provide World of Hyatt members with numerous loyalty benefits.
The transaction includes properties such as The Standard in London, The Standard at Bangkok Mahanakhon, The Standard Highline in New York City, Hotel San Cristobal in Baja California, Mexico, and Hotel San Cecilia in Austin, Texas.
“The Standard International team has created a unique, award-winning portfolio of brands and properties that disrupt the status quo and have developed a loyal following among the most discerning lifestyle guests over the past 25 years,” said Mark Hoplamazian, Hyatt president and CEO.
“These properties are truly leading the zeitgeist and creating destinations in their own right with well-known, talked-about programming and events, such as the Met Gala after-party. We are thrilled to welcome Standard International's properties and team, along with our newly created Lifestyle Group, into the Hyatt family and leverage their talent, creativity, culture and innovation.”
Amar Lalvani added, “We have been working a long time to find the right company to join forces with. Choosing Hyatt allows us to leverage their strong global infrastructure and loyal guest base. I am incredibly proud that our team has been able to realize the potential we saw in The Standard and Bunkhouse Hotels, and I am honored that Hyatt recognizes the excellence of our brands, properties and most importantly, our employees.”
“We share a shared vision of the enormous potential that still lies ahead. I am grateful to Hyatt for taking this bold step and to Sansiri for their tireless work in supporting our efforts.”
