[Update] Hyatt Hotels Corporation has announced its intention to acquire Standard International, the parent company of The Standard and Bunkhouse Hotels brands, in a strategic move to significantly strengthen its presence in the lifestyle hotel sector. The acquisition, which is expected to close later this year, will add 22 hotels and more than 2,000 rooms to Hyatt's global portfolio.

By integrating the assets of Standard International, Hyatt will create a new lifestyle group based in New York. This group, led by Amar Lalvani, executive chairman of Standard International, will benefit from Hyatt's operational infrastructure and loyalty programme, while providing distinct leadership in key areas such as experience creation, design, marketing and food and beverage.

This transaction marks an important step in Hyatt's transformation, reinforcing its focus on distinctive brands and experiences. The acquired portfolio will be fully asset-light and will include management, franchise and licence agreements for 22 hotels, totalling approximately 2,000 rooms. These include The Standard in London, The Standard, High Line in New York, The Standard, Bangkok Mahanakhon, as well as boutique hotels such as Hotel Saint Cecilia in Austin, Texas, and Hotel San Cristóbal in Baja California, Mexico.

Amar Lalvani, who will become President and Creative Director of the lifestyle group following the closing, will continue to oversee the integration of the acquired brands while ensuring that their integrity and innovation are maintained. Lalvani has played a key role in the global development of W Hotels and the transformation of Standard International into a global brand.

The transaction includes the management, franchise and licensing agreements for 21 hotels, totalling approximately 2,000 rooms. These include properties such as The Standard in London, The Standard, High Line in New York, The Standard, Bangkok Mahanakhon, as well as boutique hotels such as Hotel Saint Cecilia in Austin, Texas, and Hotel San Cristóbal in Baja California, Mexico. The acquisition also includes more than 30 projects underway or planned, with openings scheduled over the next 12 months: The Standard, Pattaya Na Jomtien, The StandardX in Bangkok Phra Arthit, Bunkhouse Hotels in Saint Augustine, and Hotel Daphne.

Standard International's portfolio also includes Peri Hotels and two new brands, The StandardX, recently launched in Melbourne, and The Manner, soon to open in Soho, New York, for New York Fashion Week. Residential development is also at the heart of this acquisition, with Standard residences underway in Lisbon, Miami, Phuket, Hua Hin and Mexico City, as well as Bunkhouse residences at Hotel Saint Cecilia in Austin.

The transaction is valued at 150 million dollars, with a potential additional payment of 185 million dollars depending on the integration of new properties. This acquisition will enable Hyatt to continue to diversify and enrich its offer, drawing on a global network and a loyalty programme that already has 48 million members.

“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. These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty. We are thrilled to welcome Standard International’s properties and team to the Hyatt family with the newly created lifestyle group and draw on their brilliance, creativity, culture and innovation.” - Mark Hoplamazian, President and Chief Executive Officer, Hyatt

“We waited a long time to find the right company with whom to join forces. In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. I am very proud that our team has delivered on the potential we saw with The Standard and Bunkhouse Hotels and am honored that Hyatt appreciates how special our brands, properties, and – most importantly – our people are. We have a shared vision for the enormous potential that still lies ahead. I would be remiss not to express my gratitude to Hyatt for taking this bold step forward and to Sansiri who has been instrumental in supporting our efforts.” - Amar Lalvani, President and Creative Director of the lifestyle group

The Bunkhouse brand adds further value with properties like the Bunkhouse Residences at Hotel Saint Cecilia in Austin, TX, extending Hyatt's footprint in boutique and lifestyle-driven markets.

This acquisition follows Hyatt’s strategy of significant growth in the lifestyle sector, increasing its number of lifestyle rooms fivefold between 2017 and 2023.

“The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable,”“Developers love this combination as much as we do.” - Mark Hoplamazian, President and Chief Executive Officer, Hyatt.

Hyatt will soon launch a new dedicated Lifestyle group to oversee these efforts, headquartered in New York City, with additional offices in Austin and Bangkok. This move reflects Hyatt’s continued commitment to growing its portfolio, not only in the lifestyle segment but across all levels of luxury and select service properties.

“The lifestyle segment isn’t for the faint of heart, it takes creativity and commitment,” “But if you get it right, you reap the benefits of outsized guest loyalty and outsized developer returns. The beauty of this combination is that Hyatt respects the creativity and freedom required to deliver the experiences we do, and we respect the value of Hyatt’s storied history, global infrastructure and best-in-class commercial services.” - Amar Lalvani, President & Creative Director , former Executive Chairman of Standard International.

Since 2017, Hyatt has seen growth in its brand footprint, with an 86% increase in properties and a tripling of its World of Hyatt loyalty members. This acquisition of Standard International further supports Hyatt’s goal of offering tailored experiences for guests across the world.