Hyatt Hotels Corporation has revealed plans to acquire Standard International, the parent company of the Standard and Bunkhouse Hotels.
The transaction, which expands Hyatt’s position in the lifestyle space, is expected to close later this year.
The Standard International hotel portfolio
The Standard, London
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. These properties include: the Standard, London; the Standard, High Line in New York; the Standard, Bangkok Mahanakhon; as well as boutique properties 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 the World of Hyatt program to give its 48 million loyalty members to the portfolio of lifestyle properties.
Upon closing, the sale will cap an investment for Sansiri PLC, which acquired a majority position in Standard International in 2017 and facilitated the company’s international expansion.
Hyatt’s new lifestyle group led by Amar Lalvani
Hotel San Cristóbal in Todos Santos, Mexico
Hyatt will soon form a new lifestyle group, comprising both Standard and Hyatt teams, headquartered in New York. Led by Standard International’s executive chairman Amar Lalvani, the group will leverage Hyatt’s operational and loyalty infrastructure while assuming distinct leadership across key functions including experience creation, design, marketing, and programming.
“We waited a long time to find the right company with whom to join forces,” says Lalvani. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. I am very proud that our team has delivered on the potential we saw with the Standard and Bunkhouse Hotels and am honored that Hyatt appreciates how special our brands, properties, and—most importantly—our people are.”
“We have a shared vision for the enormous potential that still lies ahead,” he adds. “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.”
Additional acquired properties
The recently opened StandardX, Melbourne
Standard International’s brand portfolio also includes Peri Hotels and its two newest additions: the StandardX, which launched this month in Melbourne, and the Manner, which will debut next month in New York.
The acquisition includes more than 30 projects with a signed agreement or letter of intent. The Standard, Pattaya Na Jomtien; the StandardX, Bangkok Phra Arthit; Hotel Saint Augustine; and Hotel Daphne are expected to open over the next 12 months.
Standard International has also developed a robust residential business with Standard Residences under development in Miami, Lisbon, Phuket, Hua Hin, and Mexico City, as well as completed Bunkhouse Residences at the Hotel Saint Cecilia.
“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,” says Mark Hoplamazian, president and CEO of Hyatt. “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 with the newly created lifestyle group and draw on their brilliance, creativity, culture, and innovation.”
In connection with the transaction, Moelis & Company LLC served as financial advisor to Hyatt and Venable LLP acted as its legal advisor.
Standard International was named Hospitality Design’s 2024 Hotel Company of the Year as part of the 20th annual HD Award program.
The Standard, Bangkok Mahanakhon
Hotel Saint Cecilia
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