The Hyatt Hotels Corporation has completed the acquisition of Standard International, the parent company of The Standard and Bunkhouse Hotels brands.
First announced in August, the deal includes management, franchise and license agreements for 22 hotels with around 2,000 guestrooms – including Standard hotels in London, New York and Bangkok – as well as some 30 new projects.
The acquisition reportedly comprises a $150 million initial purchase price followed by a further $185 million as further hotels join the portfolio. Imminent additions include The Standard, Singapore, Bunkhouse’s Hotel Saint Augustine in Houston, and The StandardX, Bangkok Phra Arthit, all due to open later this year.
“The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable,” said Mark Hoplamazian, president and chief executive officer, Hyatt. “Developers love this combination as much as we do.”
Following completion of the deal, Hyatt is now launching a dedicated Lifestyle hotels division headquartered in New York with additional ofices in Bangkok and Austin, Texas. It will be led by Amar Lalvani, former executive chairman of Standard International.
“The lifestyle segment isn’t for the faint of heart – it takes creativity and commitment,” said Lalvani. “But if you get it right, you reap the benefits of outsized guest loyalty and outsized developer returns. The beauty of this combination is that Hyatt respects the creativity and freedom required to deliver the experiences we do, and we respect the value of Hyatt’s storied history, global infrastructure and best-in-class commercial services.”