Hyatt Hotels has reached agreement to buy international “lifestyle” hotel group Standard International.
Standard International owns and operates the Bunkhouse Hotels and The Standard brands and has a presence across the Americas, Europe, Australia, the Maldives and the Far East.
With this transaction, Hyatt 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 new lifestyle group will be made up of Standard International employees as well as Hyatt colleagues.
The planned acquisition will continue Hyatt’s evolution to a brand- and experience-driven company. 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.
“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 CEO, 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.”
“We waited a long time to find the right company with whom to join forces,” said Mr 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. 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.”
