Hyatt Hotels Corporation has announced its intention to acquire Standard International, parent company of The Standard Hotels and Bunkhouse Hotels, in a strategic move to significantly strengthen its presence in the lifestyle hotel sector. The acquisition, expected to close later this year, will add 21 hotels and more than 2,000 rooms to Hyatt's global portfolio.
By combining Standard International's assets, Hyatt will create a new New York-based lifestyle group. Led by Amar Lalvani, Executive Chairman of Standard International, the group will benefit from Hyatt's operational infrastructure and loyalty programs while providing clear leadership in key areas such as experience creation, design, marketing and food and beverage.
The transaction marks an important step in Hyatt's transformation and strengthens its focus on distinctive brands and experiences. The acquired portfolio is fully asset-light and includes management, franchise and licensing agreements for 21 hotels totaling approximately 2,000 rooms, including The Standard in London, The Standard HighLine in New York and The Standard at Bangkok Mahanakhon, as well as boutique hotels such as Hotel San Cecilia in Austin, Texas and Hotel San Cristobal in Baja California, Mexico.
Upon completion of the acquisition, Amar Lalvani will assume the role of President and Creative Director of the Lifestyle Group and will continue to oversee the integration of the acquired brands while ensuring their integrity and innovation are maintained. Lalvani has played a key role in the global expansion of W Hotels and the transformation of Standard International into a global brand.
The transaction includes management, franchise and licensing agreements for 21 hotels totaling approximately 2,000 rooms, including properties such as The Standard in London, The Standard Highline in New York and The Standard at Bangkok Mahanakhon, as well as boutique hotels such as Hotel St. Cecilia in Austin, Texas and Hotel San Cristobal in Baja California, Mexico. The acquisition also includes more than 30 ongoing or planned projects scheduled to open within the next 12 months, including The Standard Pattaya Na Jomtien, The Standard X at Bangkok Phra Arthit, The Bunkhouse Hotel and Hotel Daphne in St. Augustine.
Standard International's portfolio also includes Peri Hotels and two new brands: The Standard X, which recently opened in Melbourne, and The Manor, which will soon open in SoHo, New York, in time for New York Fashion Week. Residential development is also at the heart of the acquisition, with Standard Residences in progress in Lisbon, Miami, Phuket, Hua Hin and Mexico City, as well as Bunkhouse Residences at Hotel St. Cecilia in Austin.
The transaction is valued at $150 million, with the potential for an additional $185 million in payments depending on the integration of the new properties. The acquisition will enable Hyatt to continue to diversify and enhance its offerings by leveraging its global network and loyalty program that already has 48 million members.
“The Standard International team has created a unique, award-winning portfolio of disruptive brands and properties that have attracted a loyal following of the most lifestyle-conscious guests over the past 25 years. These properties have truly driven the zeitgeist, creating unique destinations 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 into the Hyatt family, along with our newly created Lifestyle Group, and to draw on their talent, creativity, culture and innovation.” – Mark Hoplamazian, President and CEO, Hyatt
“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 honored that Hyatt recognizes the excellence of our brand, our properties and most importantly, our people. We share a shared vision of the great potential that still lies ahead. I am grateful to Hyatt for taking this bold step and to Sansiri for playing a key role in supporting our efforts.” – Amar Lalvani, President and Creative Director, Lifestyle Group
Hyatt Hotels Corporation
Hotel Group
United States See notes
Source link
