American multinational hospitality chain Hyatt Hotels Corporation has announced the acquisition of the brands and most of the affiliates of lifestyle company Standard International, parent company of the Standard and Bunkhouse Hotels brands, for USD 150 million. 

According to a press statement by Hyatt, this move enhances its position as the leader in the industry’s premier lifestyle space, building 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. 

With this transaction, Hyatt says it will form a new dedicated lifestyle group that will be headquartered in New York City. 

Led by Standard International’s Executive Chairman Amar Lalvani, the lifestyle group will leverage Hyatt’s best-in-class operational and loyalty infrastructure while assuming distinct leadership across key functions including experience creation, design, marketing, programming, public relations, restaurants, nightlife and entertainment. 

The planned acquisition will continue Hyatt’s evolution to a brand and experience-driven company. 

Hyatt says that the acquired portfolio will be 100 pc 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 treasures like Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico. 

Following the closing of the transaction, Hyatt says it plans to integrate these hotels into World of Hyatt, bringing this portfolio of celebrated lifestyle properties to the programme’s 48 million loyalty members.

Mark Hoplamazian

“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 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,” Hoplamazian adds. 

Amar Lalvani

“We waited a long time to find the right company with whom to join forces. 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 honoured 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. 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,” says Lalvani of Standard International. 

In addition to Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and its two newest additions, StandardX, which launched this month in Melbourne, Australia, and Manner, which launches next month in Soho, New York in time for New York Fashion Week. Beyond its hotel brands, the portfolio includes world-class restaurant and nightlife concepts including Boom Boom Room, Standard Grill, 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 includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months such as Standard, Pattaya Na Jomtien, StandardX, Bangkok Phra Arthit, as well as Bunkhouse Hotels Saint Augustine and Hotel Daphne. 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 in Austin.

The statement adds that upon closing, Hyatt will pay a base purchase price of USD 150 million, with up to an additional USD 185 million over time as additional properties enter the portfolio.