Hyatt to Acquire Standard International
Hyatt Hotels Corporation announced today the planned acquisition of Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year, subject to customary closing conditions. It was reported last month that the two companies were in acquisition talks.
With this transaction, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City. The new lifestyle group will be made up of the talented Standard International team as well as Hyatt colleagues, with more details coming after the closing of the transaction.
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 treasures like Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico.
Following the closing of the transaction, Hyatt plans to integrate these hotels into World of Hyatt, bringing this portfolio of lifestyle properties to the program’s 48 million loyalty members.
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.
Beyond its hotel brands, the portfolio includes world-class 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.
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: The Standard, Pattaya Na Jomtien, The 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.
Hyatt will pay $150 million, plus up to an additional $185 million over time as additional properties enter the portfolio.
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