by Mia Taylor
Last updated: 6:15 PM ET, Tue August 20, 2024
Following a Bloomberg report in July that a purchase was in the works, Hyatt Hotels has confirmed that it plans to acquire Standard International.
In a press released today, Hyatt Hotels Corporation said it plans to purchase the brands and most of the affiliates of the pioneering lifestyle company, which is the parent company of The Standard and Bunkhouse Hotels.
“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,” Mark Hoplamazian, Hyatt’s president and CEO, said in a statement.
“These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty,” Hoplamazian added.
Hyatt said in a statement that the acquisition builds on “both its organic growth and a series of acquisitions that quintupled the number of lifestyle rooms in Hyatt’s global portfolio between 2017 and 2023.”
“The planned acquisition will continue Hyatt’s evolution to a brand- and experience-driven company,” the company said in today’s press release.
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 such as Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico.
The transaction is expected to close later this year, after which, Hyatt plans to integrate these hotels into World of Hyatt.
In addition, as part of the deal, Hyatt said it plans to establish a new dedicated lifestyle group that will be headquartered in New York City. The new group will be led by Standard International's Executive Chairman Amar Lalvani, who upon closing will take on the role of President & Creative Director of the lifestyle group.
Under Lalvani, the group will lead key functions including experience creation, design, marketing, programming, public relations, restaurants, nightlife and entertainment.
overseeing the integration of the brands to be housed within the group while ensuring and enhancing the integrity, innovation, creativity and growth of each individual lifestyle brand.
Lalvani led the global development of W Hotels and then in 2010 partnered with André Balazs on The Standard brand.
In 2013, Lalvani formed Standard International and acquired The Standard brand from Balazs and followed that with an acquisition of a majority stake in The Bunkhouse Group from its founder Liz Lambert and her partners.
“We waited a long time to find the right company with whom to join forces,” Lalvani said in a statement regarding the Hyatt acquisition. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base.”
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.
Standard International’s portfolio also includes a variety of 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.
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