Hyatt to Acquire Lifestyle Hotel Group Standard International
Hyatt Hotels confirmed on Tuesday the the planned acquisition of the brands and most of the affiliates of lifestyle company Standard International. The company includes The Standard and Bunkhouse Hotels brands. The transaction was first rumored last month and is now anticipated to close later this year.
With this transaction, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City.
The acquired portfolio 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 hotels 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, which means that members will be able to earn and redeem miles for their stays.
“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,” said Mark Hoplamazian, President and Chief Executive Officer, 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 addition to The Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and its two newest additions, The StandardX, which launched this month in Melbourne, Australia, and The Manner, which launches next month in Soho, New York in time for New York Fashion Week. The portfolio also includes world-class restaurant and nightlife concepts including The Boom Boom Room, The Standard Grill, The Standard Biergarten, Café Standard, Lido Bayside Grill, Jo’s Coffee as well as iconic rooftop venues including Le Bain, Decimo, Sweeties, UP, Ojo and Sky Beach.
The acquisition also includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months.
Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as the new properties enter the portfolio.
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