Hyatt’s recent announcement of acquiring Standard International, the parent company of The Standard and Bunkhouse Hotels brands, has created quite a buzz in the hospitality industry. The deal, which is set to be finalized later this year, involves Hyatt paying a base purchase price of $150 million, along with an additional $185 million as more hotels become part of the portfolio.
As part of the acquisition, Hyatt will be establishing a lifestyle group that will be based in New York. This move signifies Hyatt’s strategic vision for growth and expansion in the lifestyle hospitality sector. The 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.
Standard International’s flagship brand, The Standard, was originally launched by renowned hotelier Andre Balazs in 1999. Over the years, the brand has expanded to include hotels in key locations such as New York, London, and Miami Beach. The acquisition also includes Bunkhouse Hotels, a boutique hotel company with properties in Texas, California, and Mexico.
Apart from The Standard and Bunkhouse, Standard International boasts a diverse portfolio that includes Peri Hotels and The StandardX. The latter, introduced as The Standard’s “rebellious younger sibling,” caters to a different demographic with a unique brand identity. Additionally, the company is gearing up to launch The Manner, a new luxury concept set to debut in New York’s SoHo neighborhood.
Standard International is currently eyeing further expansion with a robust pipeline of over 30 projects in the works. With several new properties slated to open within the next year, the group is set to strengthen its presence in key markets such as Thailand and the United States. Projects like The Standard Pattaya Na Jomtien and The StandardX Bangkok Phra Arthit, as well as Bunkhouse hotels in Houston, are indicative of the group’s ambitious growth strategy.
Hyatt’s acquisition of Standard International marks a strategic move aimed at bolstering its presence in the lifestyle hospitality segment. With the establishment of a dedicated lifestyle group and a diverse portfolio of brands, Hyatt is poised to capitalize on the growing demand for unique and experiential travel offerings. As Standard International embarks on its next phase of growth and expansion, it’ll be interesting to see how this acquisition shapes the future of the hospitality industry.