Hyatt is set to acquire the brands and most of the affiliates of lifestyle company Standard International, parent company of The Standard and Bunkhouse Hotels brands.
The acquired portfolio will be 100 percent asset-light and includes management, franchise and license 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 properties like Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico.
With this transaction, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Standard International’s founder & executive chair Amar Lalvani. Upon closing, Lalvani will take on the role of president & creative director of the lifestyle group, overseeing the integration of the brands to be housed within the group while ensuring the integrity and growth of each individual lifestyle brand.
The announcement of the deal – which is set to close later this year - comes after reports last week that Hyatt was in advanced stages of negotiation to buy Standard in a continuation of its strategy to grow in luxury lifestyle, for example its £53 million acquisition of luxury hotel booking platform Mr & Mrs Smith.
Upon closing, the sale will cap a successful investment for Sansiri, which acquired a majority position in Standard International in 2017 and facilitated the company’s international expansion. Sansiri will continue to own several properties that will be managed or franchised under the acquired brands.
What they said
Mark Hoplamazian, president & 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. We are thrilled to welcome Standard International’s properties and team to the Hyatt family.”
Amar Lalvani, founder & executive chair of Standard International added: “We waited a long time to find the right company with whom to join forces. In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. 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.”