Hyatt Hotels Corporation will acquire Standard InternationalStandard’s key hotel brands are valued at up to $335 million in a deal. The company announced this on Tuesday.
Under the deal, which is expected to close later this year, Hyatt will pay at least $150 million for 21 of Standard’s brands, including standard, Bunkhouse Hotels And Hotels in Peri brands, Hyatt said. As part of the acquisition, Hyatt will raise an additional $185 million for more than 30 new projects over time.
These properties include approximately 2,000 rooms at Standard-owned hotels in cities such as New York, Austin, London and Bangkok. Once the transaction is completed, Hyatt plans to integrate these locations into its portfolio.
“The team behind Standard International has created a unique and award-winning portfolio of brands and hotels that has challenged the status quo and gained a loyal following among the most discerning lifestyle guests over the past 25 years,” said Hyatt CEO Mark Hoplamazian said in a statement. “We are delighted to welcome the hotels and team of Standard International into the Hyatt family with the newly created lifestyle group and to capitalize on their brilliance, creativity, culture and innovation.”
Spokespeople for Hyatt and Standard did not immediately respond to requests for further comment.
Amar LalvaniStandard’s chief executive, who founded the company in 2013, will lead a new lifestyle hotel group that Hyatt is creating as part of the deal. The group will be headquartered in New York.
“We have waited a long time to find the right company to partner with,” Lalvani said in a statement. “By choosing Hyatt, we are leveraging a powerful global infrastructure and loyal guest base. I am very proud that our team has realized the potential we saw at The Standard and Bunkhouse Hotels and am honored that Hyatt appreciates how special our brands, properties and – most importantly – our people are.”
Bangkok-based developer Sansiri – which acquired a majority stake in Standard in 2017 – will sell its shares to Hyatt as part of the deal but will continue to own several properties managed under Standard’s brands, Hyatt said.
In September, standard ready to start The mannera new luxury hotel in SoHo at 60 Thompson StreetThe company secured $65 million in acquisition financing to purchase the boutique hotel in February 2023. Commercial Observer previously reported.
You can reach Isabelle Durso at [email protected].
