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Hyatt to Acquire Standard International, Form New Lifestyle Group
Hyatt Hotels Corporation said it plans to acquire the brands and most of the affiliates of Standard International, parent company of The Standard and Bunkhouse Hotels brands. The Chicago-based hospitality company will pay a base price of $150 million and up to $185 million more as additional properties enter the portfolio.
The acquired portfolio will be 100% asset-light and includes management, franchise and license contracts for 21 open hotels with approximately 2,000 keys in the U.S., Europe, Asia and Australia. The acquisition includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months. Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Standard International’s executive chairman, Amar Lalvani.
“The team behind Standard International has created a unique and award-winning portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among the most discerning lifestyle guests for the past 25 years,” said Mark Hoplamazian, president and CEO of Hyatt.
Pictured: The Standard High Line in New York City.
- ◦Sale/Acquisition
