The Hyatt Hotels Corporation is poised to acquire Standard International, the parent company of The Standard and Bunkhouse Hotel brands.
The deal is expected to close later this year with an initial purchase price of $150 million and a further $185 million as additional hotels enter the portfolio.
It will add 21 existing hotels to Hyatt’s portfolio of more than 1,350 globally and bolster its position in the ‘premier lifestyle space’.
Following completion of the acquisition, Hyatt will create a new lifestyle group headquartered in New York City which will be led by Standard International’s executive chairman Amar Lalvani.
The Standard brand is known for its quirky design ethos and includes hotels in London, New York, Bangkok, Miami, Singapore and Melbourne.
Standard International also operates Bunkhouse Hotels, which has properties in North America, as well as Asia-based Peri Hotels, The StandardX in Melbourne, and The Manner in New York which is due to open in September.
In addition, the acquisition includes more than 30 new projects, several of which are excepted to open within the next 12 months.
Properties included within the acquisition will be added to Hyatt’s World of Hyatt loyalty programme.
“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,” said Hyatt’s Mark Hoplamazian, president and chief executive officer.
“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.”
“We waited a long time to find the right company with whom to join forces,” added Lalvani, who led the development of W Hotels and later helped establish The Standard brand. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base.”