The recent announcement of Hyatt’s acquisition of Standard International, parent company of The Standard and Bunkhouse Hotels brands, has sent shockwaves through the hotel industry. This strategic move is expected to have significant implications for both companies involved, as well as for the industry as a whole.
Hyatt has agreed to pay a base purchase price of $150 million, with an additional $185 million to be paid over time as more hotels enter the portfolio. The deal will initially include management, franchise, and licensing contracts for 21 hotels, including iconic properties such as The Standard London and The Standard High Line in New York.
As part of the acquisition, Hyatt plans to establish a lifestyle group that will be headquartered in New York. This new group will be led by Amar Lalvani, the current executive chairman of Standard International, who will take on the roles of president and creative director. This move signifies Hyatt’s commitment to expanding its presence in the lifestyle hotel sector.
Standard International’s portfolio includes The Standard and Bunkhouse brands, as well as Peri Hotels and The StandardX. With a pipeline of more than 30 projects in development, the company is poised for further growth in the coming years. This includes the upcoming openings of The Standard Pattaya Na Jomtien and The StandardX Bangkok Phra Arthit in Thailand, as well as two Bunkhouse hotels in Houston.
In addition to its existing brands, Standard International recently unveiled plans for The Manner, a new luxury concept set to debut in New York’s SoHo neighborhood. This concept is aimed at attracting a more upscale clientele and further diversifying the company’s offerings in the market.
Overall, Hyatt’s acquisition of Standard International marks a significant development in the hotel industry, signaling a shift towards greater consolidation and competition in the lifestyle hotel sector. With an expanded portfolio and ambitious growth plans, both companies are set to make a major impact on the industry in the years to come.
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