Hyatt to acquire Standard International in £257m deal

Hyatt Hotels has announced the planned acquisition of lifestyle group Standard International, the parent company of The Standard and Bunkhouse Hotels brands, for up to $335m (£257m). The decision comes as it would enhance Hyatt’s position within the industry’s premier lifestyle space, as it seeks to build on both its organic growth and a series of prior acquisitions that boosted the number of lifestyle rooms within its portfolio between 2017 and 2023. The transaction is anticipated to close later this year, subject to customary closing conditions. Once completed, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Standard International’s executive chairman, Amar Lalvani. The new lifestyle group will leverage Hyatt's operational and loyalty infrastructure, while assuming distinct leadership across key functions including experience creation, design, marketing, programming, public relations, restaurants, nightlife and entertainment. Standard International’s acquired portfolio will be fully asset-light and include management, franchise and licence contracts for 21 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique treasures like Hotel Saint Cecilia in Austin, Texas, and Hotel San Cristóbal in Baja California, Mexico. Following the closing of the transaction, Hyatt plans to integrate these hotels into World of Hyatt, bringing this portfolio to 48 million loyalty members. Mark Hoplamazian, president and CEO of Hyatt, said: “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. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” He added: “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.” Upon closing, Lalvani will also take on the role of president and creative director of the lifestyle group, overseeing the integration of the brands to be housed within the group while ensuring and enhancing the integrity, innovation, creativity and growth of each individual lifestyle brand. Lalvani said: “We waited a long time to find the right company with whom to join forces. We have a shared vision for the enormous potential that still lies ahead. I would be remiss not to express my gratitude to Hyatt for taking this bold step forward and to Sansiri who has been instrumental in supporting our efforts.”