In a move that has been highly anticipated, Hyatt has announced its acquisition of Standard International, the parent company of The Standard and Bunkhouse Hotels brands. This acquisition is set to close later this year, with a base purchase price of $150 million, along with an additional $185 million as more hotels join the portfolio.
Formation of a Lifestyle Group
As part of this acquisition, Hyatt will be establishing a lifestyle group that will be headquartered in New York City. This group will be led by Amar Lalvani, the executive chairman of Standard International, who will take on the roles of president and creative director. The Standard brand, which was founded by renowned hotelier Andre Balazs in 1999, has since grown to include eight hotels in various locations including New York, London, and Miami Beach.
Standard International’s portfolio also includes Bunkhouse hotels, as well as other brands such as Peri Hotels and The StandardX. The company has revealed plans for The Manner, a luxury concept set to debut in New York’s SoHo neighborhood. Looking ahead, the group has a pipeline of more than 30 projects in the works, with several expected to open within the next year.
The pipeline of projects for Standard International includes The Standard Pattaya Na Jomtien and The StandardX Bangkok Phra Arthit in Thailand, as well as two new Bunkhouse hotels in Houston. With this acquisition, Hyatt is positioning itself for further expansion and growth in the lifestyle hotel sector.
The acquisition of Standard International by Hyatt represents a significant move in the hospitality industry. With the formation of a new lifestyle group and a strong pipeline of projects, Hyatt is poised to make a mark in the boutique hotel space. As the company continues to expand its portfolio and introduce new brands, it will be interesting to see how this acquisition shapes the future of Hyatt and Standard International.