light and includes management , franchise and license contracts for 21 open hotels with roughly 2,000 rooms , including The Standard , London , The Standard , High Line in New York City , The Standard , Bangkok Mahanakhon and boutique hotels like Hotel Saint Cecilia in Austin , Texas and Hotel San Cristóbal in Baja California , Mexico .
Once the transaction closes , these properties will join World of Hyatt , Hyatt ’ s loyalty program .
Hyatt has been diversifying and expanding its offerings with a series of recent acquisitions . The company widened its presence in the luxury segment with the acquisition of Mr & Mrs Smith for £ 53 million in April 2023 . Earlier this year , Hyatt acquired me and all hotels into its brand portfolio from Linder hotels AG , the familyowned German hotel company , with the aim to expand into newer markets across Europe . In July , World of Hyatt formed an exclusive alliance with Under Canvas , the outdoor hospitality company , which enabled World of Hyatt members to access 13 Under Canvas outdoor resorts across the U . S .
Besides The Standard and Bunkhouse Hotels brands , Standard International ’ s portfolio includes Peri Hotels and its two new additions , The StandardX ( which launched earlier this month in Melbourne ) and The Manner ( which launches in September in Soho , New York ). Standard International ’ s portfolio also consists of restaurant and nightlife concepts .
Upon the closing of the deal , the sale will cap the investment for Sansiri PLC , which acquired a majority position in Standard International in 2017 and helped the company ’ s international expansion . Sansiri will retain ownership of several properties , which will be managed or franchised under the acquired brands .
“ The team behind Standard International has created a unique portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among lifestyle guests for the past 25 years ,” said Mark Hoplamazian , Hyatt ’ s president and CEO . “ 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 .”
The acquisition includes more than 30 projects with a signed agreement or Letter of Intent , including new properties scheduled to open in the next 12 months — The Standard , Pattaya Na Jomtien , The StandardX , Bangkok Phra Arthit ; along with Bunkhouse Hotels Saint Augustine and Hotel Daphne . Standard International also has residences under development in Miami , Lisbon , Phuket , Hua Hin and Mexico City ; as well as completed Bunkhouse Residences at the Hotel Saint Cecilia in Austin , Texas .
Before establishing Standard International , Lalvani led the development of W Hotels . In 2010 , he teamed up with André Balazs to create The Standard brand . In 2013 , Lalvani founded Standard International and acquired The Standard brand from Balazs . He then acquired a majority stake in The Bunkhouse Group from its founder Liz Lambert and her partners . Lalvani helmed the transitions of both companies from founder-led startups to global brands by developing landmark properties .
“ 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 ,” Lalvani said . “ We have a shared vision for the 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 .”
Moelis & Company LLC served as financial advisor to Hyatt and Venable LLP acted as its legal advisor .
September 2024 hotelsmag . com 85