The Standard Spa , Miami Beach , is marketed as less of a hotel and more of an adults-only spa with guestrooms .
NEWS
A Standard Deal
HYATT TO ACQUIRE STANDARD INTERNATIONAL , CREATE NEW LIFESTYLE GROUP .
By KATHAKALI NANDI
Hyatt Hotels Corp . has announced plans to acquire Standard International , the parent company of The Standard and Bunkhouse Hotels brands , and its brands and most of the affiliates . Once the deal closes , Hyatt will pay a base purchase price of $ 150 million , with up to additional $ 185 million over time as it adds more properties to its portfolio .
The transaction is expected to close later this year , subject to approvals .
This move will help Hyatt strengthen its position in the premier lifestyle space , building on both its organic growth and a series of acquisitions that quintupled the number of lifestyle rooms in Hyatt ’ s global portfolio between 2017 and 2023 .
The deal will see Hyatt creating a new dedicated lifestyle group based in New York City . The new group will consist of the Standard International team along with Hyatt team members . Led by Amar Lalvani , Standard International ’ s executive chairman , the lifestyle group will leverage Hyatt ’ s operational and loyalty infrastructure while assuming leadership in experience creation , design , marketing , programming , public relations , restaurants , nightlife and entertainment .
Lalvani will assume the role of president and creative director of the new group and lead the integration of the brands , while ensuring and enhancing the integrity , innovation , creativity and growth of every brand .
The acquired portfolio will be fully asset-
84 hotelsmag . com September 2024