Register to get 1 free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Hyatt has officially completed its acquisition of the brands and most of the affiliates of lifestyle hospitality company Standard International, the parent company of The Standard and Bunkhouse Hotels brands.
Standard International’s acquisition builds on both Hyatt’s organic growth and its series of previous acquisitions that quintupled the number of lifestyle rooms in its global portfolio between 2017 and 2023.
The 100% asset-light portfolio includes management, franchise and licence contracts for 22 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon and The Manner in SoHo, which made its “highly anticipated” debut last month.
New properties slated to open later this year include The Standard, Singapore; Bunkhouse’s Hotel Saint Augustine in Houston and The StandardX, Bangkok Phra Arthit.
In addition, the acquisition includes more than 30 future projects with a signed agreement or letter of intent, along with new projects that were sparked by the August announcement of the planned acquisition.
Mark Hoplamazian, president and CEO of Hyatt, said: “The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable. Developers love this combination as much as we do.
“Our transformation to an asset-light business model has been a resounding success, and now it’s time to evolve our organisation to propel us into the future, benefiting our guests, members, customers, owners and shareholders along the way.”
He added: “This is not about prioritising one segment over another; this is about aligning our internal resources and expertise to care even more deeply for guests, customers and owners across our entire portfolio.”
Hyatt has found that the growth in its brand footprint has a direct impact on the growth in loyalty member contributions.
Since 2017, the number of properties in Hyatt’s portfolio has grown by 86%, the number of World of Hyatt members has tripled, and the level of room night penetration for World of Hyatt members has increased by more than 1,300 basis points.
