Hyatt has announced the acquisition of the brands and most subsidiaries of the lifestyle company Standard International, the parent company of The Standard and Bunkhouse Hotels brands. The transaction is expected to be completed this year. The purchase price is 135 million euros.
With the acquisition, Hyatt intends to form a new lifestyle group based in New York under the leadership of Standard International Executive Chairman Amar Lalvani. The acquisition of the portfolio follows Hyatt’s asset-light strategy and includes management, franchise and licensing agreements for 21 hotels with around 2,000 rooms, including The Standard, London, The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and boutique hotels such as the Hotel Saint Cecilia in Austin, Texas and the Hotel San Cristóbal in Baja California, Mexico.
After the transaction is completed, Hyatt plans to integrate these hotels into the World of Hyatt loyalty program. According to the company’s homepage, new The Standard hotels are planned in Brussels, Dublin, Lisbon, Melbourne and Singapore.
At the conclusion of the contract, Hyatt will pay a base purchase price of 135 million euros. Over time, up to 166 million euros can be added as additional properties are added to the portfolio.
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