Hyatt Hotel Corporation commonly known as Hyatt Hotels & Resorts, American multinational hospitality company headquartered in Chicago has confirmed its plans to acquire lifestyle company Standard International, parent company of The Standard brand, and Bunkhouse Hotels owned by Sansiri PLC in Bangkok – based luxury real estate firm with offices in Austin, New York and London for up to $335 million.
The acquirer portfolio will be 100% asset light and includes management, franchising and licensing contracts for 21 open hotels with approximately 2,000 rooms.
Hyatt Hotels & Resorts will pay a base purchase price of $150 million with a maximum of $185 million over time as other properties enter the portfolio.
In addition to The Standard and Bunkhouse Hotels brands, the portfolio also includes Peri Hotels and The StandardX, which debuted in Australia in Melbourne, and the upcoming luxury hotel brand, The Manner, which will launch next month in New York's Soho district.
Thai developer Sansiri PLC, which acquired a majority stake in Standard International in 2017, will continue to own several properties that will be managed or franchised under the acquired brands.
The acquisition overall includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open in the next 12 months.
At the time of the closure, Hyatt Hotels & Resorts will form a new lifestyle group based in New York led by Standard International's executive chairman Amar Lalvani who will assume the role of president and creative director of the group.
Alvani himself commented that he has waited a long time to find the right company to join forces and by choosing Hyatt the group draws on a powerful global infrastructure and a loyal guest base. We are proud that the team has realized the potential we have seen with The Standard and Bunkhouse Hotels and honored that the Hyatt Group appreciates how special our group brands, properties and people are.
There is a shared vision for the enormous potential that still awaits us and gratitude to Hyatt for taking this bold step forward and to Sansiri who has been instrumental in supporting our efforts.
Mark Hoplamazion, President and CEO of Hyatt declared that the team behind Standard International has created a unique, award-winning portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among discerning lifestyle guests over the past 25 years.
These properties truly drive the zeitgeist by creating destinations in their own right with celebrated and discussed programs and events such as the Met Gal afterparty. There is great excitement to welcome the Standard International property and team to the Hyatt family with the newly created lifestyle group and to draw on their brilliance, creativity, culture, and innovation.
The transaction is expected to close by the end of the year 2024.
Link : https://boutiquehotelnews.com/news/industry/hyatt-acquire-standard-international/
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