In a bold strategic move, Hyatt announced its acquisition of Standard International, the parent company behind well-known hotel brands such as The Standard and Bunkhouse Hotels. The deal, valued at $150 million with an additional $185 million to be paid over time, is set to be finalized later this year. This acquisition will involve the management, franchise, and licensing contracts for 21 hotels, including iconic properties like The Standard London and The Standard High Line in New York.
As part of this acquisition, Hyatt will be creating a lifestyle group based in New York. Amar Lalvani, the current executive chairman of Standard International, will lead this group as its president and creative director. The establishment of this group signals Hyatt’s commitment to expanding its presence in the lifestyle hotel sector, catering to a more design-conscious and experiential traveler.
Standard International’s brand portfolio includes The Standard, Bunkhouse, Peri Hotels, and The StandardX. The Standard, founded by renowned hotelier Andre Balazs in 1999, has become synonymous with stylish and innovative hospitality experiences. With eight hotels around the world, including locations in New York, Miami Beach, and the Maldives, The Standard brand is known for its unique design aesthetic and vibrant social spaces.
Looking ahead, Standard International has an ambitious pipeline of more than 30 projects in various stages of development. These upcoming projects, such as The Standard Pattaya Na Jomtien, The StandardX Bangkok Phra Arthit, and new Bunkhouse properties in Houston, underscore the company’s commitment to global expansion and innovation in the hospitality industry. The recent unveiling of The Manner, a luxury concept set to launch in New York’s SoHo neighborhood, further demonstrates Standard International’s commitment to pushing the boundaries of traditional hotel offerings.
The acquisition of Standard International by Hyatt signals a significant shift in the hotel industry landscape. As major players like Hyatt continue to diversify their brand portfolios and invest in lifestyle-focused offerings, competition in the luxury and boutique hotel sectors is expected to intensify. Industry analysts will be closely monitoring the outcome of this acquisition and its ripple effects on market trends and consumer preferences.
The Hyatt acquisition of Standard International represents a pivotal moment in the evolution of the hotel industry. With a focus on lifestyle-driven experiences and innovative design, this partnership has the potential to reshape the way travelers experience hospitality. As both Hyatt and Standard International move forward with their expansion plans, the hotel landscape is poised for exciting developments and groundbreaking offerings in the years to come.
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