Hyatt Hotels Corp. announced it plans to acquire most of the brands and affiliated companies of Standard International, the parent company of The Standard Hotels and Bunkhouse Hotels. The Chicago-based hospitality company will pay $150 million as a base price and up to $185 million for each property added to its portfolio.
The acquired portfolio will be 100% asset-light and includes management, franchise and licensing agreements for 21 hotels with approximately 2,000 rooms currently operating in the U.S., Europe, Asia and Australia. The acquisition includes more than 30 projects with signed contracts or letters of intent, including new properties scheduled to open within the next 12 months. Hyatt will create a new lifestyle group headquartered in New York City and led by Amar Lalvani, chairman of the board of directors of Standard International.
“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.
Photo: The Standard High Line in New York City.
