Hyatt continues its evolution to a brand- and experience-driven company, with the announcement that it’s acquiring lifestyle hotel giant Standard International.
In a statement released this week, Hyatt says the acquisition will include the Standard and Bunkhouse Hotel Brands, for a total of 21 hotels.
The initial deal is worth $150 million (USD), but could climb as high as $335 million (USD) as additional hotels enter the portfolio. The deal is expected to close in late 2024.
Hyatt to Acquire Hotel Giant Standard International
Hyatt is continuing to expand its lifestyle portfolio with the purchase of Standard International. With the transaction, which is expected to close later this year, Hyatt will form a new dedicated lifestyle group headquartered in New York City and led by Standard International’s Executive Chairman Amar Lalvani.
Lalvani says “we waited a long time to find the right company with whom to join forces,” adding that by choosing Hyatt, Standard will tap into a “powerful global infrastructure and loyal guest base.”
Hyatt says the move will enhance its position as a leader in the industry’s premier lifestyle space, building on both its organic growth and a series of acquisitions that quintupled the number of lifestyle rooms in its portfolio between 2017 and 2023.
The acquired portfolio will be 100 percent asset-light and includes the management, franchise and license contracts for 21 open hotels including Standard Hotels in London, New York City, and Bangkok.
Once the transaction is finalized, Hyatt plans to integrate all of the acquired hotels into World of Hyatt and the program’s 48 million loyalty members, which is good news for Canadians who are loyal to the program.
Hyatt to Double Footprint in Canada by 2026
With nearly 20 hotels currently open in Canada, Hyatt announced last year its plans to open an additional 23 hotels in the country by the end of 2026.
New hotels that are slated to open include the second Canadian property within The Unbound Collection by Hyatt, which will be located in Ontario’s wine country. Once open, it joins the Okanagan Valley’s Spirit Ridge as another hotel in The Unbound Collection.
With Hyatt set to double its footprint in Canada in the next few years, World of Hyatt loyalists will have more options for earning nights towards status without having to leave the country.
Conclusion
Hyatt is continuing to expand its lifestyle portfolio with the purchase of hotel giant Standard International. The deal, which is set to close late 2024, will include the Standard and Bunkhouse Hotel Brands.
The base-price for the acquisition will cost Hyatt 150 million (USD) but could total 335 million (USD) once more hotels are added to the portfolio.
Once the transaction is finalized, Hyatt plans to integrate all of the acquired hotels into the World of Hyatt program.